Asheville-based renewable energy company receives $650M investment to expand operations
Local Renewable Energy Company Secures Major Investment for Expansion
A local renewable energy company, Pine Gate Renewables, has recently received a significant investment of $650 million from three prominent investment partners. This infusion of capital is set to propel the company’s operations to new heights and further solidify its position as a key player in the renewable energy sector.
Investment Partners and Expansion Plans
The $650 million investment comes from three key partners: Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. These strategic investors are committed to supporting Pine Gate Renewables in its mission to develop, operate, and finance solar energy production and energy storage facilities across the United States.
Pine Gate Renewables, headquartered in Asheville’s River Arts District, has been at the forefront of utility-scale solar and energy storage projects since its founding in 2016. The company, which currently employs over 300 people, has seen remarkable growth over the years, closing $7 billion in project financing and capital investment while actively working on 82 solar and storage projects in North Carolina and 33 other states.
Growth Amidst Strong Industry Trends
Ben Catt, CEO of Pine Gate Renewables, highlighted the robust growth of the company and the overall solar power industry. With more Americans than ever relying on carbon-free sources for power, the renewable energy sector continues to experience strong momentum.
The $650 million investment will serve as a platform for Pine Gate Renewables to fuel its ongoing projects, support existing operations, and drive future growth. Catt emphasized that this infusion of capital will allow the company to expand its business while investing in staff resources to sustain its upward trajectory.
Confidence from Mission-Driven Investors
The investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA signifies a blend of mission-driven commitment and long-term stability. Generate Capital, a sustainable investment platform, has been a strategic partner for Pine Gate Renewables, providing vital support for the company’s growth and market leadership.
By attracting pension funds like the Healthcare of Ontario Pension Plan and HESTA, Pine Gate Renewables demonstrates its appeal to investors seeking stable investments with promising returns. These partnerships underscore the confidence in Pine Gate’s ability to drive clean energy initiatives and make a positive impact on communities.
Paving the Way for Future Growth
Catt views the current investment as just the beginning of Pine Gate Renewables’ long-term growth trajectory. The renewable energy industry continues to experience double-digit annual growth rates, positioning the company for further expansion and success.
The $650 million investment represents a significant milestone for Pine Gate Renewables and reaffirms its position as a leader in the renewable energy space. With a strong and mission-driven team at the helm, the company is well-equipped to capitalize on the growing demand for sustainable energy solutions.
