Generate Capital, an operating platform and sustainable infrastructure investment platform, has made a strategic investment in Pine Gate Renewables. This is a renewable energy developer that focuses on utility-scale solar and storage. The investment includes a $200M equity investment and a $300M commitment to a long-term asset partnership in order to finance solar projects.
Pine Gate will receive additional capital to finance the development and construction of renewable energy projects, as well as other working capital purposes. Generate will also join Pine Gate’s board of directors.
Pine Gate is the owner and operator of over 1GW renewable energy projects. The company is involved in more than 20 GW of projects in development in the United States. It has raised over $1B in corporate and project capital financing during the past six-months.
“Pine Gate is thrilled to be partnering with Generate to accelerate the growth of our business,” says Ben Catt, CEO 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,” states Scott Jacobs, CEO 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.