Sustainable infrastructure investment firm Generate Capital has invested US$500 million in US developer Pine Gate Renewables to support its utility-scale solar expansion.
The investment will be divided into US$200 million in equity investment and US$300 million in long-term asset partnership to finance solar projects. As part of the investment, Generate Capital will join the board of directors of Pine Gate.
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The solar and energy storage developer currently operates more than 1GW of renewable energy projects.
Moreover, it has a pipeline of 20GW in active development across the US and has raised over US$1 billion in corporate and project capital financing in the last six months.
Ben Catt, CEO of Pine Gate, said: “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.”
Last May, Pine Gate signed two separate memorandum of understanding (MoU) for non-lithium battery supply with Urban Electric Power and EnerVenue.