Pine Gate Renewables has closed financing on a new 12-project fund of solar and solar plus storage sites in North Carolina. The projects in the fund will sell power under long-term contracts to Duke Energy Progress, Duke Energy Carolinas and Halifax EMC. Crestmark, a division of MetaBank, provided the construction and permanent loan financing and U.S. Bank provided tax equity for the portfolio.
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First up: Grissom Solar, a 6.9-MW PV plus 10 MWh energy storage project located in Enfield, North Carolina, is the first to begin construction and will provide renewable energy to Halifax EMC. The project is expected to be online in the spring of 2021. Grissom’s energy storage system will dispatch power during peak demand hours and provide critical ancillary services to ensure the integrity of the grid. The system will charge exclusively from solar when it is needed most, thus ensuring reliability and continuity of service at the lowest cost possible for customers.
“Our projects are built for the grid of tomorrow, keeping in mind the needs of today,” said Mak Nagle, VP of development strategy. “Our EPC team is flexible and able to step into any stage of the project cycle. As a company we are innovative, tech savvy and streamlined so we can add value to our project stakeholders.”
Grissom Solar will be one of Pine Gate’s existing 30 solar projects already in operation or under construction in North Carolina. Future energy storage projects will be announced in the new year.
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