US solar and energy storage developer Pine Gate Renewables LLC has announced the successful closure of a preferred equity investment amounting to USD 288 million (EUR 267 million) from Blackstone Credit and Insurance.
This funding is intended to bolster Pine Gate's 780-MW DC solar portfolio, which encompasses six solar projects across two states, all backed by corporate offtake agreements.
The partnership with Blackstone marks a significant milestone for Pine Gate, emphasizing the company's strategy to execute replicable and scalable transactions in the renewable energy sector. Zach Rubenstein, managing director at Blackstone Credit and Insurance, noted that the deal underscores the firm's unique capabilities in origination and structuring within the energy transition market.
Pine Gate Renewables currently operates over 2 GW of solar capacity across more than 100 facilities and boasts a robust pipeline of more than 30 GW of projects under development.
This latest investment is expected to further enhance the company's position in the renewable energy landscape.
