Technology

Pine Gate Renewables announces new project

By Staff Report, posted 3 years ago

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. 

Ico insights

INSIGHTS

SPONSORS' CONTENT

In The Current Issue

A salute to service: LTG Braga relinquishes USASOC command

U.S. Army Special Operations Command Acting Commanding General, Brig. Gen. Kirk Brinker, gives a speech as USASOC bids farewell to Lt. Gen. Jonathan Braga after serving four years as its commanding general outside the USASOC Headquarters at Fort Brag


Fall for Dogwood: The Fayetteville Dogwood Fall Festival returns in 2025

Graphic provided by Fayetteville Dogwood FestivalGood music, food and fall themed fun for all ages will swirl into Festival Park with the falling leaves this season. On Oct. 18 and 19, The Dogwood Festival will be returning for the fall. This free fe


Lending perspectives: Local banks respond to recent federal rate cuts

 Chair Powell answers reporters' questions at the FOMC press conference on Sept. 17, 2025. Photo provided by the Federal Reserve.On Wednesday, Sept. 17, the Federal Open Market Committee (FOMC) announced that it had decided to lower the target r