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Funding will support 3 GW of new clean energy infrastructure
in communities across the United States
April 29, 2024
Asheville, North Carolina– Today, Pine Gate Renewables announced the final closing of a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP) and HESTA. The investment provides funding to accelerate Pine Gate’s work as a national developer, owner, and operator of clean energy projects and will support the financing of an incremental three gigawatts (GW) of clean energy infrastructure by 2025.
The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The scale of the investment validates Pine Gate’s long-term vision for growth, positions the company as a national market leader, and underscores confidence in the clean energy asset class.
“Pine Gate is proud to expand our partnership with Generate Capital and to benefit from HOOPP’s and HESTA’s deep experience in responsible and innovative investing,” said Ben Catt, Chief Executive Officer at Pine Gate Renewables. “This landmark transaction unlocks a new era of partnership and value creation at Pine Gate Renewables as we strive towards our mission to generate The Power of Tomorrow™.”
“We have been incredibly proud to work with the best-in-class team at Pine Gate since 2022, providing strategic growth capital, asset financing and integrated services to accelerate their success and market leadership,” said Scott Jacobs, Generate Capital’s CEO and Co-Founder. “The new partnership with institutional investors illustrates the value of Generate’s one-stop-shop business model as it opens up new, innovative sources of financing for Pine Gate while providing values- and vision-aligned institutional investors the opportunity to capitalize on the clean energy transition.”
“HOOPP is pleased to partner with the Pine Gate team, supporting their work as a leader in renewable energy. We look forward to collaborating with Pine Gate and Generate in providing much-needed clean energy to the company’s customers and communities,” said Steve Smith, HOOPP’s Head of Global Infrastructure. “We expect this investment will deliver great value to our members, the healthcare workers of Ontario.”
“We are thrilled to expand our partnership with Generate in backing market leaders like Pine Gate that can help deliver strong, long-term returns for our members and accelerate our contribution to a more sustainable world,” said Jeff Brunton, HESTA’s Head of Portfolio Management.
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.
Generate Capital is a leading sustainable investment and operating platform driving the infrastructure transition. Generate aims to provide the capital and help that developers, businesses, cities and communities need to accelerate cost savings, resilience and decarbonization. Since 2014, Generate has invested in and operated sustainable assets across six sectors: power, mobility, waste, green digital, water and agriculture, and industrial decarbonization. With more than $10 billion raised since inception, 50+ technology and development partnerships and more than 2,000 assets globally, Generate’s one-stop-shop offers proof, not promises that sustainability pays. This transaction is managed by Generate Capital Partners, a registered investment advisor wholly-owned by Generate Capital. For more information, please visit www.generatecapital.com.
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP’s pension promise covers more than 460,000 active, deferred and retired members. HOOPP is fully funded and manages a highly diversified portfolio of more than C$112 billion in assets that span multiple geographies and asset classes.
HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately $83 billion* in assets (as of 17 April 2024) invested around the world.
Pine Gate Renewables
Kristen McKenzie
(843) 819-4402
[email protected]
Generate Capital
Elise Benoit
[email protected]