Pine Gate raises USD 20m for solar developments in US
Millfield solar park, North Carolina. Author: PRNewsFoto/Duke Energy
US private equity firm New Energy Capital Partners has provided USD 20 million (EUR 17.9m) in new project financing to North Carolina-based solar project developer Pine Gate Renewables LLC.
The solar company will use the funds to develop and build about 200 MW of utility-scale plants in its home state, as well as in South Carolina and Oregon, according to a press release on Thursday.
Pine Gate’s development pipeline includes 500 MW of projects. Its goal is to operate more than 200 MW of solar parks by the end of next year. The company focuses its operations on the Southeast, Central, Northwestern and Northeastern US regions.
New Hampshire-based New Energy Capital Partners typically invests in projects and businesses in the renewable power, alternative fuels, energy efficiency and renewable resource markets.