North Carolina-based Pine Gate Renewables has filed for Chapter 11 bankruptcy to pursue a court-supervised sale of its solar and energy storage portfolio, along with its independent power producer (IPP) platform.
The company expects to complete the competitive bidding process within 45 days through the US Bankruptcy Court for the Southern District of Texas. This will include completed and under-development projects, of which the company stated there is 10GWdc in progress.
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Pine Gate plans to continue company operations through the transaction. Pine Gate CEO Ben Catt said the company’s decision to pursue a court-supervised sale aims to ensure continued renewable energy generation, adding that with strong lender support, he expects a competitive process that captures the value of its nationwide solar and storage portfolio.
According to the firm, Pine Gate has secured financing commitments from existing lenders to support ongoing operations and project development. As part of the arrangement, the company has entered into agreements with secured lenders to sell select operating, near-complete, and development-stage solar assets tied to their respective financing facilities.
Each lender will act as a “stalking horse bidder” for its asset portfolio, subject to higher offers. Additionally, another secured lender will serve as stalking horse bidder for Pine Gate’s independent power producer platform and roughly 10GWdc of development pipeline.
Pine Gate’s operations and maintenance (O&M) subsidiary, ACT Power Services, is not part of the Chapter 11 filing, though the company is in talks to sell the business. Both Pine Gate and ACT will continue supporting project partners, advancing developments, and providing O&M services while existing solar assets remain operational.
North Carolina-based Pine Gate currently has a 30GW development pipeline, over 2GW in operating assets, and has secured around US$10 billion in project financing. Its subsidiary, ACT Power Services, provides O&M support for more than 7GW of third-party assets.
In September, Blue Ridge Power, the engineering, procurement and construction (EPC) subsidiary of Pine Gate Renewables, filed state Worker Adjustment and Retraining Notifications (WARN) notices to lay off more than 500 employees by November 2025.
