Pine Gate Renewables to build 70-MW solar array in Albemarle, N.C.
The Stanly Solar project is currently under construction, and upon completion it will be capable of powering approximately 15,500 homes per year through a 20-year power purchase agreement that was awarded through Duke Energy’s Competitive Procurement of Renewable Energy program. A total of 69.89MW of renewable energy will be generated for the Albemarle community by Pine Gate Renewables, its second project in Stanly County, NC.
“In addition to generating clean energy, Stanly Solar will provide construction jobs to dozens of workers, infuse money into local businesses and provide tax revenue to the town of Albemarle,” said Ben Catt, CEO of Pine Gate Renewables. “We’re excited to secure yet another significant solar project in our home state.” Stanly is one of Pine Gate’s 15 solar projects currently under construction in North Carolina, representing 300MW of clean energy that will be added to the grid once complete. It is expected to be online by the end of the year.
“MUFG is pleased to support Pine Gate Renewables in providing clean energy to the communities of North Carolina,” said Fred Zelaya, Director, MUFG Project Finance Group.
Albemarle Solar, the company’s first project in the County, went online earlier this year and generates 2.78MW of energy. John Hancock provided the preferred equity, Churchill Stateside Group provided the tax equity and MUFG provided the construction and permanent loan for Stanly Solar.
Listen to more in-depth conversations on Solar Builder’s YouTube channel
Our most popular series include:
Power Forward! | A collaboration with BayWa r.e. to discuss higher level industry topics.
The Buzz | Where we give our 2 cents per kWh on the residential solar market.
The Pitch | Discussions with solar manufacturers about their new technology and ideas.
Comments are closed here.