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.