US solar and energy projects firm Pine Gate Renewables has secured $650m (鈧�606.4m) from Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP) and Australian industry super fund Hesta to fund the development of additional projects.
Founded in 2016, Pine Gate鈥檚 operational fleet includes over 100 solar facilities accounting for more than 2GW of installed capacity and it has over 30GW of projects in development.
Pine Gate said the investment provides funding to accelerate its work as a national developer, owner, and operator of clean energy projects and will support the financing of an additional 3GW of clean energy infrastructure by 2025.
Ben Catt, CEO at Pine Gate Renewables, said: 鈥淧ine Gate is proud to expand our partnership with Generate Capital and to benefit from HOOPP鈥檚 and HESTA鈥檚 deep experience in responsible and innovative investing.
鈥淭his 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.鈥�
The transaction extends Generate Capital鈥檚 existing partnership with Pine Gate and brings new institutional investors to the solar developer鈥檚 platform, it said.
Scott Jacobs, Generate Capital鈥檚 CEO and co-founder, said: 鈥淲e 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.
鈥淭he new partnership with institutional investors illustrates the value of Generate鈥檚 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 capitalise on the clean energy transition.鈥�
Steve Smith, HOOPP鈥檚 head of global infrastructure, said: 鈥淗OOPP is pleased to partner with the Pine Gate team, supporting their work as a leader in renewable energy. We look forward to collaborating with Pine Gate and Generate in providing much-needed clean energy to the company鈥檚 customers and communities.
鈥漌e expect this investment will deliver great value to our members, the healthcare workers of Ontario.鈥�
Jeff Brunton, Hesta鈥檚 head of portfolio management, said: 鈥淲e are thrilled to expand our partnership with Generate in backing market leaders like Pine Gate that can help deliver strong, long-term returns for our members and accelerate our contribution to a more sustainable world.鈥�
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