Pine Gate Renewables, headquartered in Asheville, has secured a $650 million investment from three partners. Generate Capital, the Healthcare of Ontario Pension Plan and HESTA.
This funding will support the company’s expansion and further development, operation, and financing of solar energy production and storage facilities.
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The $650 million investment in Pine Gate Renewables represents a “platform investment.” This means the funds will support the maintenance of existing projects, the development of future projects, and ongoing staff resourcing efforts.
Since its establishment in 2016, Pine Gate Renewables has seen impressive growth. The company has secured $7 billion in project financing and capital investment while successfully developing and supporting 82 solar and storage projects across North Carolina and 33 states.
Pine Gate Renewables CEO Ben Catt shared with Citizen-Times that this investment reflects the sustained growth observed within the company and the broader solar power industry.
“We continue to create projects, so this investment allows us to fuel that growth and be able to not only invest in existing operating farms but ultimately grow our business,” Catt said.