Pine Gate Renewables announces 108-MW solar project in N Carolina
Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.
US solar developer Pine Gate Renewables LLC has announced it will realise the 108-MW Trent River project near Pollocksville in North Carolina.
The new solar project is backed by a 20-year power purchase agreement (PPA) awarded by Duke Energy Corp (NYSE:DUK) under North Carolina's Competitive Procurement of Renewable Energy (CPRE) programme.
Pine Gate said it had secured USD 126 million (EUR 110.3m) in financing in which lender CIT Group Inc (NYSE:CIT) served as lead arranger.
The Trent River project was developed with Silver Pine Energy Holdings, a recently formed joint-venture partnership between Pine Gate and its solar peer Silver Creek Energy.
The solar farm is expected to come online in the third quarter of 2021. Pine Gate estimates the plant will generate enough electricity to supply around 15,000 homes in its first year of operation alone.
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