Pine Gate Renewables Closes Financing on 81MW Sugar Solar Project in Yadkinville, North Carolina
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Asheville, NC (December 23, 2020) — Pine Gate Renewables announced today that it has closed financing on a new solar project – Sugar Solar – that will bring 81MW of renewable energy to the community of Yadkinville, North Carolina.
Pine Gate will develop and construct the project, which is expected to go online in Q3 of 2021. MUFG served as lead arranger on the $89.2 million financing for Sugar Solar.
“Our continued development of projects in the Carolinas has allowed us to make an even bigger impact on the environment, provide local jobs and infuse communities with tax revenue,” said Ben Catt, CEO of Pine Gate Renewables. “We’re excited to get Sugar Solar up and running for the people of Yadkinville and surrounding areas.”
Providing energy to Duke Energy Carolinas through a 20-year Purchase Power Agreement, Sugar Solar was one of the projects awarded in Tranche 1 of Duke Energy’s Competitive Procurement of Renewable Energy (CPRE) Program.
Sugar Solar will provide temporary construction jobs to 120 local workers for up to seven months during the build-out. It will provide $1.82 million in tax revenue for the local community over the course of the agreement.
“MUFG is proud to lead the financing for Pine Gate’s Sugar Solar project, which will provide clean energy to the communities it serves for years to come,” said Alex Wernberg, head of U.S. Power at MUFG.
About Pine Gate Renewables
Pine Gate Renewables is a fully-integrated utility-scale solar development company headquartered in Asheville, NC. As a leader in the industry, Pine Gate focuses on forging partnerships to expand its renewable energy footprint nationwide. Its mission is to provide renewable power for local communities across the country through project development, financing, construction and environmental preservation. Awarded the gold medal in the energy category for Inc.’s Best in Business 2020 list and 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 www.pgrenewables.com. For more information, visit PineGateRenewables.com.
