Asheville, NC (July 16, 2020) – Pine Gate Renewables, a leader in solar energy development, will spearhead the 108MW Trent River solar project located near Pollocksville, NC. Expected to go online in the third quarter of 2021, the 20-year power purchase agreement is one of the first awarded under Duke Energy’s Competitive Procurement of Renewable Energy (CPRE) program.
Pine Gate Renewables developed the project with Silver Pine Energy Holdings as part of their recent joint venture partnership.
“To develop this project as part of our partnership with Silver Pine Energy Holding is particularly meaningful as it’s in our backyard, our home state of North Carolina,” said Ben Catt, CEO of Pine Gate Renewables. “We’re also excited to be one of the first projects to come online via Duke Energy’s CPRE Program. Expanding locally-generated renewable energy is why we exist, and we’re thankful for all our partners in this new venture.”
Based on the project’s expected annual energy production and the Solar Energy Industries Association’s data for average annual energy consumption of North Carolina homes, Trent River could provide enough energy for approximately 15,000 homes in its first year of operation alone.
“North Carolina’s competitive process to build new solar power plants is leading to projects like Trent River. This project will generate clean energy at an affordable price for our customers,” said David Johnson, director, Business Development and Compliance at Duke Energy.
CIT Group Inc. (NYSE: CIT) serves as lead arranger on $126 million financing for the project. The Trent River Project allows CIT to extend its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.
“We’re proud to expand our growing relationship with Pine Gate Renewables by arranging this financing,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “Pine Gate is a recognized leader in the field of utility-scale solar and we look forward to continuing to support their project financings in the future.”
The Trent River project will create approximately 300 jobs during the construction and operation of the facility.
About Pine Gate Renewables
Pine Gate Renewables is a leader in the solar industry and an innovator in the movement for clean energy solutions that improve the planet. Headquartered in the second largest solar-producing state in the country, the company develops, finances, constructs, owns and operates utility-scale solar farms in 14 states and counting from its offices in Charlotte and Asheville, NC, and Jacksonville Beach, FL. Its mission is to provide locally-generated renewable solar power for communities nationwide through land origination, project development and environmental preservation. Named #6 on Inc. 500’s list of “Fastest Growing Energy Companies” in 2018, Pine Gate Renewables is blazing a trail to “Get Solar Done.” For more information, visit PineGateRenewables.com.