Pine Gate Renewables, LLC, a leading solar project developer, today announced $20 million in new project financing from investment affiliates of New Energy Capital Partners. This funding will enable Pine Gate Renewables to develop, build, and bring online a projected 200 MW of solar power in projects in North Carolina, South Carolina and Oregon. President Zoë Gamble Hanes says “Pine Gate Renewables’ partnership with New Energy Capital positions us for development growth in key markets and enables our transition to financing, owning and operating solar assets.”
New Energy Capital’s financing is consistent with other changes taking place at the company. In May, Pine Gate Development, then headquartered in Jacksonville, FL, began hiring staff in North Carolina and added project financing and ownership capabilities. Reflecting that shift, the company created Pine Gate Renewables. Based in Charlotte, North Carolina, the company will develop, build and own utility scale solar facilities throughout the Southeast, Central, Northwestern and Northeastern United States.
About Pine Gate Renewables: Pine Gate Renewables is a U.S.-based developer, owner and operator of utility-scale solar farms. Pine Gate has a 500 MW development pipeline, and plans to operate over 200 MW of solar farms by the end of 2017. Based in Charlotte, NC with an office in Jacksonville Beach, Florida, Pine Gate Renewables’ mission of providing locally generated renewable solar power for communities nationwide is centered on utility-scales sites from 2-100+ MW. The company specializes in land origination, project development, project financing and asset management. Pine Gate Renewables is committed to the broad transformation of our nation’s energy model by making community-based solar an option for everyone.
About New Energy Capital Partners: Founded in 2003, New Energy Capital Partners is a private equity firm that invests in projects and companies in the renewable power, alternative fuels, energy efficiency and renewable resource markets, focusing on the deployment of proven technologies in highly structured transactions. NECP manages the New Energy Capital Cleantech Infrastructure Fund and the New Energy Capital Infrastructure Credit Fund, and advises the Alliance Fund II. NECP is based in Hanover, New Hampshire and has offices in Boston, Massachusetts and Denver, Colorado. http://www.newenergycapital.com
