Fundamental Renewables and Pine Gate Renewables announced yesterday a new agreement that makes Fundamental Renewables the sole provider of a massive credit line facility.
Fundamental Renewables, formerly MMA Energy Capital, is an established provider of debt financing for renewable energy projects.
The $500 million credit facility to Pine Gate will be used to fund the initial construction and development of utility-scale solar projects. Blue Ridge Power, which is Pine Gate Renewables’ EPC company has a major office in Fayetteville and that operates and develops projects statewide, including in Cumberland, Harnett, Hoke, Robeson, Bladen and Moore Counties.
Blue Ridge Power acquired the solar division of Fayetteville-based Horne Brothers Construction, Inc. last year.
The new facility provides Pine Gate with additional capital to develop and construct solar and storage projects nationwide. It operates 85 projects across five states currently, which accounts for for more than 1GWdc of energy, with another 19GW in active development. The company currently has more than 700MWdc in construction.
Fundamental Renewables is the clean energy investment arm of Fundamental Advisors LP, which has vast experience in public purpose and community assets.
“This strategic financing from Fundamental will enable us to execute on our long-term growth initiatives and provides us with the flexible capital necessary to expand our solar portfolio and bring even more renewable energy to communities nationwide,” said Ben Catt, CEO of Pine Gate Renewables. “This loan also advances our ability to acquire development assets and take them over the finish line. Working with Fundamental as a sole lender provides a streamlined process and their longstanding and sophisticated investment track record in the renewable sector makes them an ideal financing partner.”
“Our facility for Pine Gate Renewables underscores Fundamental’s commitment to working with industry leaders and high-quality developers that are spearheading the energy transition to renewable energy and a lower carbon economy,” said Bob Hopper, Senior Advisor at Fundamental Renewables. “We are excited about the tremendous impact solar energy can have for households across the U.S. and are pleased to provide Pine Gate with a flexible financing solution to scale their vision.”
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