Pine Gate Renewables, a developer and owner of solar and energy storage projects in the United States, has announced the successful final closing of a substantial $650 million investment.
The investment, unveiled on Monday, is earmarked to finance an additional 3 GW of clean energy infrastructure by 2025, underlining Pine Gate Renewables' commitment to driving sustainable energy solutions.
Notable participants in the investment include US sustainable investment platform Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP), catering to the healthcare workers of Ontario, and HESTA, an Australian superannuation fund. This collaboration not only extends Pine Gate's partnership with Generate Capital but also attracts new institutional investors, underscoring confidence in the company's growth trajectory.
“Generate Capital has been working with the team at Pine Gate since 2022, providing strategic growth capital, asset financing, and integrated services,” stated Scott Jacobs, CEO and co-founder of Generate Capital, highlighting the longstanding partnership between the two entities.
“The new partnership with institutional investors illustrates the value of Generate's one-stop-shop business model as it opens up new, innovative sources of financing for Pine Gate while providing values- and vision-aligned institutional investors the opportunity to capitalize on the clean energy transition,” Jacobs added, emphasizing the collaborative nature of the initiative.
Established in 2016, Pine Gate Renewables boasts an operational fleet exceeding 2 GW of solar facilities and a robust pipeline of over 30 GW of projects in various stages of development. This significant investment not only underscores Pine Gate's growth trajectory but also reaffirms its pivotal role in advancing the clean energy transition.
