Pine Gate Renewables, a renewable energy development and finance company, has announced the financing of its second project in Stanly County in Albemarle, N.C. The project will generate 69.89MW of renewable energy.
PGR’s Blue Ridge Power, an EPC company, announced its launch and acquisition of locally based Horne Brothers Construction’ solar division earlier this year.
Stanly Solar is one of 15 solar projects of Pine Gate’s that is under construction in North Carolina. Once it is operational, it “will provide enough energy to power approximately 15,500 homes annually through a 20-year power purchase agreement (PPA) that was awarded in the Competitive Procurement of Renewable Energy (CPRE) program with Duke Energy Carolinas,” according to a press release from Pine Gate Renewables.
“In addition to generating clean energy, Stanly Solar will provide construction jobs to dozens of workers, infuse money into local businesses and provide tax revenue to the town of Albemarle,” said Ben Catt, CEO of Pine Gate Renewables. “We’re excited to secure yet another significant solar project in our home state.”
Altogether, Pine Gate Renewables’ projects represent approximately 300MW of clean energy.
MUFG, which provided the construction and permanent loan for Stanly Solar, is happy to help with the project. "MUFG is pleased to support Pine Gate Renewables in providing clean energy to the communities of North Carolina," said Fred Zelaya, Director, MUFG Project Finance Group.
The preferred equity was provided by John Hancock and Churchill Stateside Group provided the tax equity.
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