The transaction represents the new paradigm of renewable energy project finance
Asheville, North Carolina – Today, Pine Gate Renewables, LLC, announced the closing of a $288 million preferred equity investment with funds affiliated with Blackstone Credit & Insurance (“Blackstone”). The investment supports six solar projects across two states totaling 780 MWdc, all backed by corporate offtake agreements. The new partnership with Blackstone illustrates Pine Gate’s preference to execute replicable, scalable transactions and underscores the company’s role as a preferred provider of commercial renewable energy solutions.
“Leading Pine Gate’s first preferred equity investment was a significant milestone for our team and the enterprise at large,” said Meghan Comiskey, Executive Vice President for Structured Finance at Pine Gate Renewables. “A multiportfolio transaction with the exceptional partnership of Blackstone enables us to scale our business efficiently as we generate The Power of Tomorrow™.”
Zach Rubenstein, Managing Director at Blackstone Credit & Insurance added: “Pine Gate is a high-quality developer with a strong track record and we look forward to growing our partnership with them. This transaction is emblematic of our differentiated origination and structuring capabilities in the energy transition sectors, where we seek to deliver great outcomes for our partners and investors as a leading player in the market.”
Stoel Rives LLP advised Pine Gate Renewables on the transaction. Milbank LLP advised Blackstone Credit & Insurance.
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. Pine Gate’s operational fleet includes over 100 solar facilities accounting for more than two gigawatts (GW) of installed capacity and it has over 30 GW of projects in development.
About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.
Media Contact
Pine Gate Renewables
Maggie Sasser
(919) 616-7437
[email protected]