November 10, 2025
Renewable energy developer and owner-operator Pine Gate Renewables has filed for bankruptcy and is beginning the process of selling virtually all of its assets and operations. Pine Gate says its operations will continue uninterrupted as the company enters into a competitive sales process with “multiple interested parties to transfer ownership of its solar and energy storage project fleet while preserving jobs and maximizing value.”
“Since our founding nearly 10 years ago, Pine Gate has grown tremendously, deploying innovative solar and energy storage projects at scale that enable us to deliver renewable, reliable and affordable energy,” said Ben Catt, Chief Executive Officer of Pine Gate. “To ensure that our projects continue to generate renewable energy, we have made the strategic decision to initiate this court-supervised sales process. With significant financial support from a number of our current lenders, we are confident that we will successfully execute a competitive sales process that reflects the inherent value of our nationwide portfolio of solar and energy storage projects.”
ACT Power Services, the Company’s full-service operations and maintenance (“O&M”) provider, is not part of the Chapter 11 process. However, the company is in active discussions with multiple interested parties to identify a value-maximizing sales transaction for that company.
Sales details of Pine Gate
Pine Gate has secured financing commitments from a number of its current lenders that will be used to support activities including the advancement of projects in development and under construction. As part of the financing, Pine Gate is entering into a series of agreements with its lenders, including:
- Agreements with certain secured lenders to sell certain of Pine Gate’s operating (and nearly completed) solar projects and development assets, thereby securing each lender’s respective financing facilities. Each such lender will act as the “stalking horse bidder” for their respective portfolio of assets, subject to higher or otherwise better bids for such assets or the Company; And
- An agreement with another secured lender to sell Pine Gate’s independent power producer platform and substantially the entire development pipeline, which includes ~10 GWdc of secure new project capacity. The lender will act as a stalking horse bidder for these assets and the platform, subject to higher or otherwise better bids for such assets or the Company.
Pine Gate expects to complete the marketing and sales process, which will allow interested parties to submit competitive bids for the company and its assets, in approximately 45 days.
During the court-supervised sales process, Pine Gate and ACT Power Services will continue to support their project partners and advance projects currently in development and construction, as well as provide O&M services. Pine Gate’s operating projects will also continue to generate and sell energy.
Mr. Catt 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 advancing our projects in development and under construction.”
