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,” according to its website. The company headquarters are off Roberts Street in the River Arts District.
Pine Gate Renewables has experienced strong growth since its founding in 2016. Since opening, the company has closed $7 billion in project financing and capital investment while developing and supporting 82 solar and storage projects in North Carolina and 33 states.
Pine Gate Renewables CEO Ben Catt told the Citizen Times the investment comes as the company and solar power industry continues to see strong growth.
The 2023 Annual Sustainable Energy in America Factbook, produced by BloombergNEF in partnership with the Business Council for Sustainable Energy, recently indicated more Americans than ever receive power from carbon-free sources — with nearly 40% of US power originating from nuclear energy and renewables, as reported by USAToday.
For Pine Gate, the $650 million is a “platform investment,” meaning the money will be put toward maintaining current and developing future projects while continuing to work on staff resourcing.
“We continue to create projects, so this investment allows us to fuel that growth and be able to not only invest in existing operating farms but ultimately grow our business,” Catt said.
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The three investment groups represent a mixture of “mission-driven” investors and pension funds seeking stable, growing industries, Catt added.
As one of the investing companies, Generate Capital is a sustainable investment and operating platform that provides financial solutions to companies, communities and cities developing sustainable resource infrastructure, according to its website.
“We have been incredibly proud to work with the best-in-class team at Pine Gate since 2022, providing strategic growth capital, asset financing, and integrated services to accelerate their success and market leadership,” wrote Scott Jacobs, Generate Capital’s CEO and co-founder, in an April 29 news release on the investment.
The inclusion of the HOOPP and HESTA pension funds also demonstrates confidence in stability, Catt said, as pension funds typically “are looking for long-term stability and long-term returns.” HESTA is an Australian industry “superannuation fund” for people working in health and community services, according to their website.
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“HOOPP is pleased to partner with the Pine Gate team supporting their work as a leader in renewable energy. We look forward to collaborating with Pine Gate and Generate in providing much-needed clean energy to the company’s customers and communities,” wrote Steve Smith, HOOPP’s Head of Global Infrastructure, in the news release.
Catt said the investments and growth only come as the “early innings” of the company’s long-term growth, as the renewable energy industry sees “double-digit annual growth rates.” Catt also said the investment was the product of a “fantastic” and “mission-driven” team at Pine Gate.
“It speaks to where the renewable energy industry has gone from 20 years ago to where we are today,” Catt said.
Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com. Please help support this type of journalism with a subscription to the Citizen Times.
