National solar developer Pine Gate Renewables is applying Chapter 11 bankruptcy and the sale of its solar and energy storage project portfolio and its independent energy producer activities. This includes completed and under-development projects, of which the company indicates there is 10 GWdirect current in progress.
Credit: Pine Gate Renewables
According to the press release announcing bankruptcy and sale of company assetsPine Gate intends to continue operations through the transaction. In September, Blue Ridge Power, the engineering, purchasing and construction subsidiary of Pine Gate Renewables, filed a WARN notice with the state to lay off more than 500 employees by November 18.
ACT Power Services, Pine Gate’s operations and maintenance subsidiary, is not filing for bankruptcy, but the company is in talks to sell that business as well.
“To ensure our projects continue to generate renewable energy, we have made the strategic decision to initiate this court-supervised sales process,” said Ben Catt, CEO of Pine Gate.
He continued, “I am grateful for the hard work and dedication of the Pine Gate team, which has been critical in helping us drive the transition to renewable energy. As we move through this process, we remain committed to supporting our valued project partners across our more than 100 operational solar facilities and continuing our projects in development and under construction.”
Founded in 2016, Pine Gate serves the commercial and utility solar markets in 32 states. The company last appeared on the 2023 Top Solar Contractors List and installed nearly 500 MW of solar energy in 2022. Pine Gate plans to complete bankruptcy-related transactions within 45 days of yesterday’s announcement.
