Pine Gate Renewables, LLC, a developer and owner-operator of utility-scale solar and energy storage projects in the United States, has announced the closing of a $150 million credit facility with global investment firm Carlyle (NASDAQ: CG). The credit facility was finalized in the fourth quarter of 2023 and will be used to accelerate construction activities for Pine Gate's growing development pipeline and support a subset of its 2.2 GW operating portfolio.
This partnership with Carlyle will provide Pine Gate with access to additional capital and diversify its financing sources as it continues to scale its operations. The funds will support the continued growth of Pine Gate's portfolio of solar and storage projects in operation and under development.
Phil North, Chief Financial Officer at Pine Gate Renewables, expressed gratitude for the new partnership, stating, "Throughout this transaction, Carlyle has been a collaborative partner who has shown a commitment to funding renewable energy and the broader energy transition. We are grateful for this new partnership as it will enable Pine Gate to advance our mission to generate The Power of Tomorrow™."
Carlyle, a global investment firm with expertise in deploying private capital, sees great potential in partnering with Pine Gate. Jack Tepe, a Principal on Carlyle's Infrastructure Credit team and deal team lead for the transaction, said, "Given their successful track record, coupled with a robust pipeline of utility-scale solar and energy storage projects, we believe Pine Gate will continue to play a key role in accelerating the energy transition in the United States."
Carlyle Global Credit, which manages $150 billion in assets as of September 30, 2023, with over $4 billion dedicated specifically to the infrastructure credit sector, is an active provider of capital solutions to global infrastructure and energy projects. The firm's Infrastructure Credit platform offers privately negotiated capital solutions to support the development and operation of infrastructure projects.
Pine Gate Renewables was founded in 2016 and has since closed more than $7 billion in project financing and capital investment. The company has an operational fleet of over 100 solar facilities, accounting for more than two gigawatts (GW) of installed capacity, and has over 30 GW of projects in development.
As the renewable energy industry continues to grow, partnerships like the one between Pine Gate Renewables and Carlyle are crucial for advancing the energy transition and meeting the increasing demand for clean energy solutions.
To learn more, click on this link: https://www.carlyle.com/media-room/news-release-archive/pine-gate-renewables-closes-150-million-credit-facility-carlyle
