Pine Gate hires Morgan Stanley to raise a minority stake in a 2 GW portfolio

Pine Gate Renewables has hired Morgan Stanley to sell a minority equity stake in a 2 GW portfolio of operational and late-stage projects, said two sources familiar with the situation.

The process was launched in recent weeks.

The auction follows other targeted sell-downs by developers looking to raise capital against more advanced projects and then recycling proceeds to support a pipeline. In recent months, the likes of Scout Clean Energy and ENGIE have retained advisors for similar processes.

Pine Gate declined to comment. Morgan Stanley did not return calls seeking comment.

Pine Gate has been raising both equity and debt capital in recent months as it looks to accelerate its utility-scale solar and storage pipeline across the country. The company reached final close on a USD 650m capital raise earlier this week with Generate Capital and others.

It also locked up USD 150m in debt financing with Carlyle, via its Infrastructure Credit platform, in 4Q23 to support its pipeline of projects across the Southeast and ERCOT.

The Asheville, North Carolina-based developer lists on its website that it has 2+ GW of operating assets and a 30+ GW development pipeline. Pine Gate operates in 31 states.

*This story was originally published exclusively for NPM subscribers last month.

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