Generate Capital made a strategic growth investment in Pine Gate Renewables, a utility-scale solar and storage developer, that includes a $200 million equity investment and an additional $300 million commitment to a long-term asset partnership for solar project financing. Generate will also join Pine Gate’s Board of Directors.
For Pine Gate, the additional capital will be used to fund construction and development of renewable energy projects and meet other general working capital purposes. Pine Gate owns and operates over 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.
“Pine Gate is thrilled to be partnering with Generate to accelerate the growth of our business,” said Ben Catt, chief executive of Pine Gate. “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.”
“Solar is the world’s most affordable source of energy today and is a significant opportunity for Generate as utilities adapt to the strong demand from customers for more renewable resources,” said Scott Jacobs, chief executive and co-founder of Generate. “The Pine Gate team has a strong track record of execution and growth and an innovative operating model that enables them to move fast to build projects across important solar and storage markets. We are excited to partner with this best-in-class team and support Pine Gate’s continued expansion and market leadership.”
The transaction was facilitated by Foley & Lardner LLP as legal adviser for Generate, and DNV GL as technical adviser. For Pine Gate, Lazard Ltd. served as financial adviser and Gibson, Dunn & Crutcher LLP as legal adviser.
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