Asheville-based renewable energy company receives $650M investment to expand operations
ASHEVILLE –
A local renewable energy company has received a over half billion dollar investment to allow the company to expand their services and continue the development, operation, and financing of solar energy production and energy storage facilities.
Pine Gate Renewables, based in Asheville, has received a $650 million investment from three investment partners: Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA.
The renewable energy company employs over 300 people and develops and operates “utility scale solar and energy storage projects across the United States.” The company headquarters are off Roberts Street in the River Arts District.
Pine Gate Renewables has experienced strong growth since its founding in 2016, closing $7 billion in project financing and capital investment while developing and supporting 82 solar and storage projects in North Carolina and 33 states.
Strong Growth and Industry Outlook
Pine Gate Renewables CEO Ben Catt mentioned the strong growth of the company and the solar power industry, with nearly 40% of US power originating from nuclear energy and renewables according to the 2023 Annual Sustainable Energy in America Factbook.
The $650 million investment is a “platform investment” that will be used to maintain current and develop future projects while focusing on staff resourcing.
Mission-Driven Investors
Generate Capital, HOOPP, and HESTA are mission-driven investors and pension funds seeking stable, growing industries. Generate Capital provides financial solutions to sustainable resource infrastructure, while HOOPP and HESTA demonstrate confidence in stability, with HESTA catering to health and community services in Australia.
Confidence in Growth
Catt expressed confidence in the company’s long-term growth, citing the renewable energy industry’s double-digit annual growth rates and the dedicated team at Pine Gate driving the company’s success.
