Asheville, NC (October 20, 2021) – Pine Gate Renewables announced the financing of its second project in Stanly County, NC, which will generate 69.89MWdc/50MWac of renewable energy for the community of Albemarle. Stanly Solar is currently under construction and once operational, 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.
“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.”
Stanly is one of Pine Gate’s 15 solar projects currently under construction in North Carolina, representing 300MWdc/285MWac of clean energy that will be added to the grid once complete. It is expected to be online by the end of the year.
The company’s first project in the County was Albemarle Solar which went online earlier this year and generates 2.78MWdc/2MWac of energy.
John Hancock provided the preferred equity, Churchill Stateside Group provided the tax equity and MUFG provided the construction and permanent loan for Stanly Solar.
“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.
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 907MW of operational assets, with more than 12GW in active development and has raised over $3.1 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 recently made the Inc. 5000 list in 2021, placing at #37, 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.