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Generate Capital Provides Pine Gate Renewables with $500 Million in Strategic Growth Capital and Asset Financing to Expand Utility-Scale SolarGenerate Capital, a leading sustainable infrastructure investment and operating platform, today announced it has made a strategic growth investment in Pine Gate Renewables, a leading renewable energy developer for utility-scale solar and storage. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220623005332/en/ 
Pine Gate Renewables' Collier Solar project in Bend, Oregon. Generate Capital is providing Pine Gate Renewables with $500 million in strategic growth capital and asset financing to expand utility-scale solar. (Photo: Business Wire) The investment includes a $200 million equity investment and an additional $300 million commitment to a long-term asset partnership for solar project financing. The investment will provide Pine Gate with additional capital to fund construction and development of renewable energy projects and meet other general working capital purposes. Generate will also join Pine Gate's Board of Directors. One of the leading solar and energy storage developers in the United States, Pine Gate owns and operates over 1 gigawatt of renewable energy projects. The company has more than 20 gigawatts in active development projects throughout the United States and has raised over $1 billion in corporate and project capitl financing in the past six months. "Pine Gate is thrilled to be partnering with Generate to accelerate the growth of our business," said Ben Catt, chief executive of Pine Gate. "Generate is a collaborative, experienced partner and shares Pine Gates' long-term vision of driving the energy transition and improving energy security by providing solar energy and battery storage to local communities across the country. Pine Gate is well-positioned as we continue to expand our national presence." "Solar is the world's most affordable source of energy today and is a significant opportunity for Generate as utilities adapt to the strong demand from customers for more renewable resources," said Scott Jacobs, chief executive and co-founder of Generate. "The Pine Gate team has a strong track record of execution and growth and an innovative operating model that enables them to move fast to build projects across important solar and storage markets. We are excited to partner with this best-in-class team and support Pine Gate's continued expansion and market leadership." The transaction was facilitated by Foley & Lardner LLP as legal adviser for Generate, and DNV GL as technical adviser. For Pine Gate, Lazard Ltd. served as financial adviser and Gibson, Dunn & Crutcher LLP as legal adviser. About Pine Gate Renewables Pine Gate Renewables is a leading renewable energy company focused on project development and strategic financing of solar and storage projects throughout the United States. From coast to coast, Pine Gate Renewables owns and operates renewable energy-generating projects that create positive impact on local communities and the nations' environmental footprint. Headquartered in Asheville, NC, Pine Gate Renewables debuted at #37 on the Inc. 5000 list in 2021 and was named to Fast Company's Most Innovative Companies list the same year. For more information, visit https://pinegaterenewables.com/. About Generate Generate Capital, PBC is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, transportation, water, waste and digital infrastructure. Founded in 2014, Generate partners with over 50 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution the money and help they need to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit http://www.generatecapital.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005332/en/ |
