Pine Gate Renewables Closes on Ninth Project Portfolio, Enters Rhode Island
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January 8, 2019Asheville, NC – Pine Gate Renewables, a national utility-scale solar developer, owner, and operator, announced today the commencement of construction on its third project portfolio in 2018. Consisting of nine projects across Rhode Island and North Carolina, the portfolio has an aggregate capacity of nearly 20 megawatts (MW) and is anticipated to begin operation in late 2018 and early 2019. The projects represent over $33 million of project value.
Four of the Rhode Island projects in this portfolio will be participating in the Rhode Island Renewable Energy Growth (REG) Community Remote DG program, bringing cost-competitive, renewable energy options to residents and businesses across the state.
Pine Gate was pleased to partner with Live Oak Bank once again for this portfolio. “Live Oak Bank is committed to supporting innovative energy projects that make our electricity grid cleaner and stronger, and ultimately, create a better place for all of us to live,” said Jennifer Williams, senior loan officer and solar industry expert for Live Oak’s Energy and Environmental Lending team. “Live Oak provides financing for today’s solar industry leaders and we are proud to work with Pine Gate Renewables as they expand their development into Rhode Island and across the country.”
“Pine Gate’s mission is to bring low cost and clean energy to the markets we serve,” said Ray Shem, Pine Gate’s Chief Financial Officer. “We are excited to bring more of these options to the residents and businesses of Rhode Island.”
Rhode Island will be the fourth state in which Pine Gate will have operational farms, adding the Northeast US to Pine Gate’s existing presence in the Southeast and Northwest.
