Pine Gate Renewables announced the financing of Beulah Solar, its 20th project in South Carolina, which will bring 101MWdc/74.98MWac of renewable energy to Batesburg-Leesville, South Carolina. Located in Saluda and Lexington Counties, Beulah Solar will provide enough electricity to power approximately 23,000 homes in the area each year, through a 10-year power purchase agreement with Dominion Energy South Carolina. The project is expected to begin delivering power to the grid next month.
“Local leaders in South Carolina have been great partners in developing solar energy projects across the state for their communities. It’s clear they see the role of clean power in keeping power bills low and keeping the state’s power grid up and running,” said Ben Catt, CEO of Pine Gate Renewables. “In addition to the environmental benefits, Beulah will provide construction jobs to dozens of workers, infuse money into local businesses and subcontracting companies, and inject tax dollars for Saluda and Lexington Counties.”
“We are excited to welcome Pine Gate Renewables to Lexington County,” said Lexington County Council Chairman Scotty “Scott” Whetstone. Solar energy has become a vital form of alternative power helping to alleviate the strain on our power grid. We look forward to building a strong relationship with Pine Gate Renewables as they help lead our county into the next era.”
“Live Oak Bank is proud to support Pine Gate Renewables with additional solar financing in rural South Carolina, where this project will create rural jobs, increase the property tax base, and help accelerate the transition to a more sustainable energy future,” said Jennifer Williams, Live Oak’s head of solar lending. “Pine Gate is leading the market in creative solutions with financial partners on projects with shorter power purchase agreements.”
Fast Facts About Beulah:
Pine Gate currently has 19 operational projects in South Carolina, with 16 more under construction or in development. Blue Ridge Power is facilitating the engineering, procurement and construction of Beulah Solar, which is expected to become operational in the spring. John Hancock provided the preferred equity, Churchill Stateside Group provided the tax equity and Live Oak Bank provided the permanent loan for Beulah Solar.
About Pine Gate Renewables
Pine Gate Renewables is a leading renewable energy company focused on project development and strategic financing of solar and storage projects throughout the United States. It currently manages more than 1GW of operational assets, with more than 12GW in active development and has raised over $3 billion in project capital to date. The company’s Pine Gate Impact initiative contributes to multiple non-profit organizations aimed at improving the environment and local communities. Headquartered in Asheville, NC, Pine Gate Renewables made the Inc. 5000 list in 2021, placing at #37; won The Cleanie Awards®’ Silver Award for “Midsized Company of the Year,” was awarded a top spot on Inc. magazine’s Best Workplaces list in 2021, named to Fast Company’s Most Innovative Companies list in 2021, included as a “Best Workplace” in Business North Carolina magazine, awarded the gold medal in the energy category for Inc.’s Best in Business 2020 list and ranked #6 on Inc. 500’s list of “Fastest Growing Energy Companies” in 2018. Pine Gate Renewables works every day to achieve its mission to “Get Solar Done.” For more information, visit pinegaterenewables.com.