Pine Gate Renewables files for Chapter 11 bankruptcy, seeks sale of solar and storage assets

Image: Pine Gate

North Carolina-based Pine Gate Renewables has filed for Chapter 11 bankruptcy protection as it pursues a court-supervised sale of its solar and energy storage portfolio, along with its independent power producer (IPP) platform.

The company announced that the competitive bidding process will take place through the US Bankruptcy Court for the Southern District of Texas and is expected to conclude within 45 days. The sale will include completed projects and those under development, representing a total of 10GWdc of capacity currently in progress.

Despite the filing, Pine Gate said it will continue operations throughout the process. Chief Executive Officer Ben Catt stated that the decision aims to ensure the continued delivery of renewable energy while maximizing the value of the company’s nationwide assets.

“With strong lender support, we expect a competitive process that captures the value of our solar and storage portfolio,” said Catt.

According to the company, existing lenders have committed financing to support Pine Gate’s ongoing operations and development pipeline. As part of the restructuring, Pine Gate has reached agreements with secured lenders to sell select operational, near-complete, and development-stage solar assets linked to their respective financing facilities.

Each lender will serve as a “stalking horse bidder” for its asset portfolio, setting a minimum bid that may be surpassed by higher offers. Additionally, another secured lender will act as the stalking horse bidder for Pine Gate’s IPP platform and its roughly 10GWdc 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 confirmed ongoing discussions to sell the business. Both Pine Gate and ACT will continue to support project partners, advance developments, and deliver O&M services while existing solar projects remain operational.

Currently, Pine Gate Renewables oversees a 30GW development pipeline, operates more than 2GW of solar assets, and has secured approximately US$10 billion in project financing to date. Its subsidiary, ACT Power Services, provides O&M services for over 7GW of third-party assets.