Pine Gate Renewables announces $650 million investment
Apr 30, 2024 05:47PM ● By WNC Business
ASHEVILLE - Pine Gate Renewables announced the final closing of a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The investment provides funding to accelerate Pine Gate’s work as a national developer, owner, and operator of clean energy projects and will support the financing of an incremental three gigawatts of clean energy infrastructure by 2025.
The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The scale of the investment validates Pine Gate’s long-term vision for growth, positions the company as a national market leader, and underscores confidence in the clean energy asset class.
“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,” said Ben Catt, Chief Executive Officer at Pine Gate Renewables. “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™.”
About Pine Gate Renewables:Pine Gate Renewables is a developer and owner-operator of utility scale solar and energy storage projects across the United States. Founded in 2016, Pine Gate is dedicated to the innovative deployment of clean energy and has extensive experience in the development, financing, construction, and operation of solar and energy storage facilities. A trusted partner and leader in the industry, Pine Gate has closed more than $7 billion in project financing and capital investment.
Generate Capital is a leading sustainable investment and operating platform driving the infrastructure transition. Generate aims to provide the capital and help that developers, businesses, cities, and communities need to accelerate cost savings, resilience and decarbonization. Since 2014, Generate has invested in and operated sustainable assets across six sectors: power, mobility, waste, green digital, water and agriculture, and industrial decarbonization. With more than $10 billion raised since inception, 50+ technology and development partnerships and more than 2,000 assets globally, Generate’s one-stop-shop offers proof, not promises that sustainability pays. This transaction is managed by Generate Capital Partners, a registered investment advisor wholly-owned by Generate Capital. For more information, please visit GenerateCapital.com.
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP’s pension promise covers more than 460,000 active, deferred and retired members. HOOPP is fully funded and manages a highly diversified portfolio of more than C$112 billion in assets that span multiple geographies and asset classes.
About HESTA:
HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately $83 billion* in assets (as of 17 April 2024) invested around the world.
Source: Pine Gate Renewables