June 24 (Renewables Now) – US sustainable infrastructure investor Generate Capital said that it has made a strategic investment totalling USD 500 million (EUR 475m) into utility-scale solar and storage developer Pine Gate Renewables to support its growth plans.
The funding includes a USD-200-million equity investment and an additional USD-300-million commitment to a long-term asset partnership for solar project financing. This way, Pine Gate will be equipped with additional capital to fund construction and development of renewable energy projects and meet other general working capital purposes, Generate said.
The new investor will also get a seat on Pine Gate’s board of directors.
North Carolina-based Pine Gate owns over 1 GW of facilities in operation, and have more than 20 GW of projects in active development across the US.
“Pine Gate is thrilled to be partnering with Generate to accelerate the growth of our business,” commented Pine Gate CEO Ben Catt. “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.”
(USD 1.0 = EUR 0.95)