• Former Pine Gate chief development officer Jon Saxon named CEO of company
• Company will operate across 27 states with 117 development project bids
• Retained 46 members of Pine Gate’s development team

Fundamental Advisors launched MorningSky Power, a renewable energy platform formed to develop and operate utility scale solar and energy storage projects across the U.S.

MorningSky will be headquartered in Asheville, North Carolina, and will operate across 27 states with a portfolio comprising 117 development projects.

The newly established company will serve as a developer and owner-operator of utility-scale renewable energy and battery storage projects across the United States.

NPM published an analysis in November 2025 on the assets that Fundamental acquired out of the Pine Gate bankruptcy.

MorningSky currently has approximately 20 GW of solar and battery storage capacity under development and will focus on advancing priority utility-scale projects through late-stage development, permitting, interconnection, and financing. As part of the launch, MorningSky has extended employment and consulting offers to 46 highly capable and experienced members of the former Pine Gate development team.

MorningSky launches with a portfolio of solar development assets acquired through an asset purchase agreement with Pine Gate Renewables.

In conjunction with the launch, Fundamental also announced the sale by Pine Gate of Sunstone Power, a 1.2 GW solar-and-battery storage project in eastern Oregon, and ACT Power, Pine Gate’s Operations and Maintenance business. In total, Fundamental is expected to receive USD 88m in proceeds from the sales.

Fundamental was advised by Sidley Austin, Berkeley Research Group and Guggenheim Securities.

*This story was originally published exclusively for NPM subscribers.