Sustainable infrastructure company Generate Capital announced today a $500 million strategic growth investment in utility-scale solar and storage renewable energy developer Pine Gate Renewables.
The investment consists of 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.
Scott Jacobs, Chief Executive and Co-Founder of Generate said:
“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.”
Founded in 2014, Pine Gate focuses on strategic development and financing of solar and energy storage projects in the U.S. The company owns and operates more than 1 GW of renewable energy projects and has over 20 GW in active development projects across the U.S. In the past six months, Pine Gate stated that it has raised over $1 billion in corporate and project capital financing.
Ben Catt, Chief Executive of Pine Gate, said:
“Pine Gate is thrilled to be partnering with Generate to accelerate the growth of our business. 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.”