U.S. utility-scale solar and storage renewable energy developer Pine Gate Renewables announced that it has raised $650, with proceeds supporting its clean energy infrastructure buildout.

Founded in 2016, North Carolina-based Pine Gate develops, owns and operates utility scale solar and energy storage projects across the U.S. To date, the company has closed more than $7 billion in project financing and capital investment, its operational fleet  currently includes more than 100 solar facilities accounting for more than two gigawatts (GW) of installed capacity, and it has over 30 GW of projects in development. 

The funding round included investments by Generate Capital, which invested $500 million in Pine Gate in 2022, along with Healthcare of Ontario Pension Plan (HOOPP) and Australian superannuation fund HESTA.

Scott Jacobs, Generate Capital’s CEO and Co-Founder, said:

“We have been incredibly proud to work with the best-in-class team at Pine Gate since 2022, providing strategic growth capital, asset financing and integrated services to accelerate their success and market leadership. The new partnership with institutional investors illustrates the value of Generate’s one-stop-shop business model as it opens up new, innovative sources of financing for Pine Gate while providing values- and vision-aligned institutional investors the opportunity to capitalize on the clean energy transition.”

According to Pine Gate, the new investment will be used to support the financing of an incremental three gigawatts (GW) of clean energy infrastructure by 2025.

Ben Catt, Chief Executive Officer at Pine Gate Renewables, said:

“Pine Gate is proud to expand our partnership with Generate Capital and to benefit from HOOPP’s and HESTA’s deep experience in responsible and innovative investing. This landmark transaction unlocks a new era of partnership and value creation at Pine Gate Renewables as we strive towards our mission to generate The Power of Tomorrow™.”