Pine Gate Renewables LLC, a North Carolina-based solar project developer, has announced $20 million in new project financing from investment affiliates of New Energy Capital Partners. This funding will enable Pine Gate Renewables to develop, build and bring online a projected 200 MW of solar power in projects in North Carolina, South Carolina and Oregon.
President Zoë Gamble Hanes said, “Pine Gate Renewable’s partnership with New Energy Capital positions us for development growth in key markets and enables our transition to financing, owning and operating solar assets.”
New Energy Capital’s financing is consistent with other changes taking place at the company. In May, Pine Gate Development, then headquartered in Jacksonville, Fla., began hiring staff in North Carolina and added project financing and ownership capabilities. Reflecting that shift, the company created Pine Gate Renewables. Based in Charlotte, N.C., the company will develop, build and own utility-scale solar facilities throughout the U.S.