Sustainable infrastructure investment firm Generate Capital has invested US$500 million in US developer Pine Gate Renewables to support its utility-scale solar expansion.
The investment will be divided into US$200 million in equity investment and US$300 million in long-term asset partnership to finance solar projects. As part of the investment, Generate Capital will join the board of directors of Pine Gate.
The solar and energy storage developer currently operates more than 1GW of renewable energy projects.
Moreover, it has a pipeline of 20GW in active development across the US and has raised over US$1 billion in corporate and project capital financing in the last six months.
Ben Catt, CEO of Pine Gate, said: “Generate is a collaborative, experienced partner and shares Pine Gates’ long-term vision of driving the energy transition and improving energy security by providing solar energy and battery storage to local communities across the country. Pine Gate is well-positioned as we continue to expand our national presence.”