September 19, 2024

Asheville, North Carolina and Salt Lake City, Utah – Today, Pine Gate Renewables and Zions Bancorporation (Zions) announced the closing of a $112.9M construction-to-term debt, tax equity bridge loan, and letter of credit facility for Catalina Solar in Saluda County, South Carolina. Zions served as Coordinating Lead Arranger and Administrative Agent for the transaction, with Lloyds Bank acting as Joint Lead Arranger and South Carolina-based United Community Bank (UCB) participating as a lender.  

Catalina Solar was developed and designed with a focus on the natural and historic characteristics of the area, going beyond local and state requirements to protect and enhance the area’s unique natural features. During development, Pine Gate identified a historical feature near the location of the planned project footprint. After consulting with local archaeologists, Pine Gate worked with the South Carolina Department of Archives and History to designate and preserve the feature in the state register of historic areas. Once operational, Catalina Solar will be the 25th project in Pine Gate’s South Carolina portfolio representing over 800 MW of cost-effective, reliable energy capacity in the Palmetto State. 

“Zions’ deep expertise in financing renewable energy projects was a driving force behind making this transaction successful,” said Meghan Comiskey, Senior Vice President for Project Finance at Pine Gate Renewables. “The addition of Lloyds and UCB to the lender group created a strong team of sophisticated partners with a shared goal of an efficient transaction.”  

“We are excited to finance the continued development of solar energy in South Carolina and are grateful to Pine Gate Renewables for entrusting us with leading this important financing,” said Robert Park, Head of Power & Project Finance at Zions.  “Catalina is another example of Zions’ growing renewable energy financing franchise and the lead role we are taking in the sector.” 

“Lloyds is proud to have acted as Joint Lead Arranger for Pine Gate Renewables in the Catalina Solar transaction. We look forward to our continued role as a trusted partner to the company as the United States renewables sector develops at pace,” said James Taylor, Managing Director and Global Head of Infrastructure and Project Finance at Lloyds Bank. 

“It’s a great achievement to participate in a transaction to develop cost-effective, reliable energy in UCB’s home state of South Carolina,” said Clayton Summers, Renewable Energy Finance Team Lead at United Community Bank. “We are pleased to partner with Zions and Lloyds to enable the construction of the Catalina Solar project.” 

McDermott Will & Emery LLP advised Pine Gate Renewables on the transaction. Winston & Strawn LLP advised the lender group. Environmental attributes from the facility will be sold to third parties pursuant to one or more environmental attribute purchase agreements. 

 

About Pine Gate Renewables

Pine Gate Renewables is a developer and owner-operator of utility scale solar and energy storage projects across the United States. Founded in 2016, Pine Gate is dedicated to the innovative deployment of clean energy and has extensive experience in the development, financing, construction, and operation of solar and energy storage facilities. A trusted partner and leader in the industry, Pine Gate has closed more than $7 billion in project financing and capital investment. Pine Gate’s operational fleet includes over 100 solar facilities accounting for more than two gigawatts (GW) of installed capacity and it has over 30 GW of projects in development. 

About Zions Bancorporation

Zions Bancorporation, N.A. is one of the nation’s premier financial services companies with 2023 net revenue of $3.1 billion and approximately $87 billion of total assets. Founded in 1873, Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500
and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

 

Media Contacts

Pine Gate Renewables
Kristen McKenzie
(843) 819-4402
[email protected]