Pine Gate Renewables Closes $290 million in Debt Financing, First Tax Credit Transfer
Birch as placement advisor for major clean energy developer’s first ITC Transfer
November 14, 2024
Asheville, North Carolina – Pine Gate Renewables, LLC, today announced the close of $290 million in back leverage debt financing and the execution of the company’s first solar investment tax credit transfer agreement. The debt financing supports three solar projects totaling 225 MWdc located in Alabama and Texas. The tax credits generated from the portfolio will be sold to an investment grade corporate buyer.
Sumitomo Mitsui Banking Corporation (SMBC), Nord/LB, and Santander Corporate & Investment Banking provided debt financing with SMBC acting as Coordinating Lead Arranger and Sole Bookrunner and Nord/LB and Santander as Coordinating Lead Arrangers. Birch Risk Advisors secured the tax credit buyer and served as placement advisor.
“Pine Gate’s entrepreneurial spirit shines throughout the components of these transactions,” said Meghan Comiskey, Executive Vice President for Structured Finance at Pine Gate Renewables. “I’m proud of the way our team continues to execute some of most sophisticated transactions in the renewable energy industry, and that we’re doing them at scale with established partners.”
“SMBC is pleased to lead this important financing for Pine Gate Renewables, one of the premier renewable companies in the US. We look forward to supporting Pine Gate and their partners as they continue their rapid growth,” said Paul Jun, Head of Power & New Energies Project Finance, North America at SMBC.
“Nord/LB is pleased to support Pine Gate Renewables with this financing of three high-quality solar projects,” said Oscar Mak, Senior Director at Nord/LB. “We look forward to future opportunities to partner with Pine Gate as they work to accelerate the energy transition.”
“This solar portfolio financing highlights Santander’s commitment to supporting the growth of Pine Gate Renewables and exemplifies our leading role in financing the build out of the US renewable generation fleet,” said Andrew Platt, Head of Structured Finance & Advisory North America at Santander.
Stoel Rives served as counsel to Pine Gate Renewables on the tax credit transfer agreement and debt transaction. Birch Risk Advisors served as placement advisor on the tax credit transfer agreement. Kutak Rock advised the tax credit buyer. Latham Watkins advised the lender group.
About Pine Gate Renewables
Pine Gate Renewables is a developer and owner-operator of utility scale solar and energy storage projects across the United States. Founded in 2016, Pine Gate is dedicated to the innovative deployment of clean energy and has extensive experience in the development, financing, construction, and operation of solar and energy storage facilities. A trusted partner and leader in the industry, Pine Gate has closed more than $7 billion in project financing and capital investment. Pine Gate’s operational fleet includes over 100 solar facilities accounting for more than two gigawatts (GW) of installed capacity and it has over 30 GW of projects in development.
Pine Gate Renewables
Maggie Sasser
(919) 616-7437
[email protected]
