ASHEVILLE – Asheville-headquartered renewable energy developer Pine Gate Renewables has received a $500 million investment in order to fund future construction of solar and renewable energy projects.
The new invested capital, from Generate Capital, includes $200 million in the form of an equity investment, and an additional $300 million is committed to a “long-term asset partnership for solar project financing,” according to a statement.
A representative from Generate Capital will join the company’s board of directors as a part of the deal, the company statement noted.
And the capital will also help the company meet other capital needs, it said.
Currently, the company has projects that represent 20 gigawatts in development and projects already operational that provide 1 gigawatt of renewable energy, it said in a statement.
Pine Gate Renewables debuted last year on the Inc. 5000 list, ranked 37th overall with a measured growth rate of 8,209%. And in September 2000, the company formed a partnership with Duke University. The company is hiring eight positions, some of which could be remote, according to its website.