Pine Gate Renewables has secured $500 million of financing from Generate Capital to support the company's nationwide development of utility-scale solar projects.
The investment includes a $200 million equity investment and an additional $300 million commitment to a long-term asset partnership for solar project financing.
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The investment is expected to provide North Carolina-based Pine Gate with additional capital to fund the construction and development of renewable energy projects and meet other general working capital purposes. Generate will also join Pine Gate’s Board of Directors.
Pine Gate owns and operates more than 1 GW of renewable energy projects. The company has more than 20 GW in active development projects throughout the United States and has raised over $1 billion in corporate and project capital financing in the past six months.
In a statement, Scott Jacobs, chief executive and co-founder of Generate, highlighted Pine Gate's "innovative operating model that enables them to move fast to build projects across important solar and storage markets."