Pine Gate Renewables engages Lazard for potential capital raise

Solar and storage developer Pine Gate Renewables has hired Lazard to run a capital raise, said three sources familiar with the situation.

Teasers have been put out to the market, but the process has not been formally launched yet.

The Asheville, North Carolina-based company is said to be looking to raise a minority equity stake and/or secure mezzanine financing to support its project pipeline.

Pine Gate declined comment. Lazard did not return calls seeking comment.

Since its founding in 2014, the company has developed 907 MW of operational projects across 85 operating sites, including North Carolina, South Carolina, Oregon and Rhode Island. Pine Gate has a project pipeline totaling more than 15 GW in active development, according to its website.

The company has made multiple deals over the past few years to both accelerate its utility-scale footprint and build up a standalone EPC business.

Last June, it formed a joint venture with Silver Creek Energy to develop, finance and build utility-scale solar projects. The platform, Silver Pine Energy Holdings, was exploring over 20 developments throughout the Southeast totaling over 1 GW.

Earlier this spring, Pine Gate spun out Blue Ridge Power, a combination of its EPC operations and the acquired Horne Brothers Construction’s solar division, resulting in one of the largest independent solar energy EPC companies in the country.

Pine Gate has commenced operations for several projects this year including its Grissom solar + storage project and its Trent River Solar project, both in North Carolina. Pine Gate also closed a USD 53m financing package in April for two dual-use solar projects as part of the Solar Massachusetts Renewable Target (SMART) program called Solar Carver 1 & 3. John Hancock served as sponsored equity arranger, Live Oak Bank provided the permanent debt financing and US Bank provided the tax equity.