Funding will support 3 GW of new clean energy infrastructure in communities across the United States
Asheville, North Carolina, April 29, 2024–(BUSINESS WIRE)–Today, Pine Gate Renewables announced the final closing of a $650 million investment from Generate Capital, Healthcare of Ontario Pension Plan (HOOPP), and Hesta. announced. This investment will provide funding to accelerate Pine Gate’s efforts as a national developer, owner, and operator of clean energy projects, contributing to an incremental 3 gigawatts (GW) of clean energy infrastructure by 2025. Support funding.
The transaction expands on Generate Capital’s existing partnership with Pine Gate and brings a new institutional investor to the solar developer’s platform. The size of this investment confirms Pine Gate’s long-term growth vision, positions the company as a domestic market leader, and confirms its confidence in the clean energy asset class.
“Pine Gate is excited to expand our partnership with Generate Capital and benefit from HOOPP and HESTA’s deep experience in responsible and innovative investing,” said Ben Catt, CEO of Pine Gate Renewables. I’m proud to receive it.” “This landmark transaction opens the door to a new era of partnership and value creation at Pine Gate Renewables as we strive toward our mission to create The Power of Tomorrow™.”
“Starting in 2022, we have partnered with Pine Gate’s best-in-class team to provide strategic growth capital, asset financing and integrated services to drive success and success,” said Scott Jacobs, CEO and co-owner of Generate Capital. We are very proud to be able to accelerate our market leadership.” -Founder. “Generate’s new partnership with an institutional investor opens up new and innovative sources of funding for Pinegate, while providing an opportunity to leverage clean energy to institutional investors with aligned values and vision. It shows the value of a one-stop-shop business model.
“HOOPP is pleased to partner with the Pine Gate team and support their efforts as leaders in renewable energy. We look forward to working with Generate,” said Steve Smith. , Head of Global Infrastructure at HOOPP. “We expect this investment to deliver significant value to our member health-care workers in Ontario.”
“Expanding our partnership with Generate, which supports market leaders like Pine Gate, will deliver strong, long-term benefits to our members and create a more sustainable We are excited to accelerate our contribution to the world.” .
About Pine Gate Renewables
Pine Gate Renewables is a developer, owner and operator of utility-scale solar power and energy storage projects throughout the United States. Founded in 2016, Pine Gate is focused on innovative implementation of clean energy and has extensive experience in developing, financing, constructing, and operating solar power and energy storage facilities. Pine Gate, a trusted partner and industry leader, has completed over $7 billion in project financing and capital investments. Pine Gate’s operational fleet includes more than 100 solar power facilities representing more than 2 gigawatts (GW) of installed capacity, with more than 30 GW of projects in development.
About Generate Capital
Generate Capital is the leading sustainable investment and operations platform driving infrastructure transition. Generate aims to provide and support developers, businesses, cities, and communities with the financing they need to accelerate cost reduction, resilience, and decarbonization. Since 2014, Generate has invested in and operated sustainable assets across six sectors: power, mobility, waste, green digital, water and agriculture, and industrial decarbonization. With over $10 billion raised since its inception, over 50 technology and development partnerships, and over 2,000 assets worldwide, Generate’s one-stop shop does not promise that sustainability will pay off; Offers. This transaction is part of Generate Capital Partners, Generate Capital’s managed capital platform. For more information, please visit www.generatecapital.com.
About the Ontario Health Pension Plan
HOOPP serves Ontario’s hospitals and community-based health sectors and includes more than 670 participating employers. Our members include nurses, medical technicians, food service staff, housekeeping staff, and many others who provide valuable health care services. In total, HOOPP’s pension promise covers more than 460,000 active, deferred, and retired members. HOOPP is well-funded and manages a highly diversified portfolio of over C$112 billion in assets across multiple geographies and asset classes.
About Hesta
HESTA is one of Australia’s largest superannuation funds dedicated to the health and community services sector. HESTA, a members-only industry fund, currently has more than 1 million members (approximately 80% of whom are women) and currently has approximately $83 billion* invested worldwide. We manage assets (as of April 17, 2024).
View source version on businesswire.com. https://www.businesswire.com/news/home/20240429053782/ja/
contact address
media
Pine Gate Renewables
kristen mckenzie
(843) 819-4402
Kristenmckenzie@pgrenewables.com
generate capital
Elise Benoit
elise.benoit@generatecapital.com
