Pine Gate Renewables Closes Financing on Two Dual-Use Projects in Carver, Massachusetts

Asheville, NC (April 6, 2021) — Pine Gate Renewables announced today that it has closed financing on two new dual-use solar projects that will bring 7MW of solar energy and storage to the community of Carver, Massachusetts, while also maintaining the ground for cranberry farming. These are Pine Gate’s first projects in the state of Massachusetts and will add to the company’s existing portfolio of more than 700MW of operating solar sites.

Solar Carver 1 will be built on a 70-acre site that will produce 5MW of energy along with a 30MWh battery energy storage system, while Solar Carver 3 will produce 2 MW and house a 12MWh battery energy storage system spread across a 35-acre site. The long-duration batteries will allow the system to optimize its energy profile on the grid. The projects are anticipated to be complete by late 2021 and will produce enough energy to power approximately 1,800 homes annually.  

“We’re excited to continue playing a role in the advancement of agrivoltaics with Solar Carver 1 and 3 that will benefit local cranberry farmers and provide clean energy, tax dollars and jobs for the community,” said Ben Catt, CEO of Pine Gate Renewables.  

Solar Carver 1 & 3 will be a part of the Solar Massachusetts Renewable Target (SMART) program, a statewide long-term, solar incentive program with the intent to procure 3,200MW of new solar projects in the Commonwealth. 

Most solar projects are built using steel racking, but to create enough space for the cranberry bogs below, Pine Gate’s adept EPC team will engineer the Solar Carver projects to be built on 25-40 ft long wooden utility poles, which are more durable for the wet terrain. These poles will be driven 15-30 ft into the ground in order to keep the trackers at least 10 ft above the cranberry bogs and allow for annual fall harvesting.   

Pine Gate is working with local cranberry farmers to tend to the land and manage the harvest process.  

The Solar Carver projects will provide temporary construction jobs to hundreds of workers during the build-out, will keep local cranberry farms active. Additionally, the storage component to both projects provides necessary backup power to maintain the integrity of the grid for the Commonwealth. 

These projects have also been selected to take part in a University of Massachusetts-Amherst study on the dual-use solar projects inter-row solar panel spacing over cranberry production. 

In this $53 million project, John Hancock served as sponsored equity arranger, Live Oak Bank provided the permanent debt financing and U.S. Bank provided the tax equity. 

“Live Oak Bank is proud to support the dual-use solar projects Pine Gate Renewables is spearheading in Massachusetts,” said Jennifer Williams, head of renewable energy at Live Oak Bank. “Our team is committed to helping project developers grow their solar portfolios and, ultimately, make a positive impact to the local economy and climate change.”  

“U.S. Bank is excited to be part of this first-of-its-kind project that will enable solar to coexist with the cranberry farming operations,” said Jonathan Peeples, business development officer with U.S. Bancorp Community Development Corporation, the bank’s tax equity and community investments subsidiary. “We appreciate our continued partnership with Pine Gate and its unique, creative approaches that help us all be responsible stewards of the environment.” 

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. Named #6 in the energy category on Fast Company’s Most Innovative Companies list in 2021, 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 is blazing a trail to “Get Solar Done.” For more information, visit pinegaterenewables.com.