Utility-scale solar developer Pine Gate Renewables files for bankruptcy

Pine Gate’s operations are expected to continue uninterrupted while the company engages in a competitive sales process.

Pine Gate Renewables, a developer, owner and operator of renewable energy projects in the U.S. announced it has filed for Chapter 11 bankruptcy protection.

The company said it is beginning a sales process for “substantially all of tis assets and business operations.”

“I’m grateful for the hard work and dedication of the Pine Gate team who has been key to helping us drive the renewable energy transition,” said Ben Catt, chief executive officer of Pine Gate . “As we move through this process, we remain committed to supporting our valued project partners across our more than 100 operational solar facilities and forging ahead with our projects in development and under construction.”

To support Pine Gate through this process, the company said it has secured financing commitments from some of its current lenders that will be used to support operations, including the advancement of projects in development and under construction.

The company is entering into a series of agreements with its lenders, including:

• Selling Pine Gate’s solar operating (and near completion) projects and development assets that secure each such lender’s respective financing facilities. Each such lender will serve as the “stalking horse bidder” for their respective asset portfolio, subject to higher or otherwise better offers for such assets or the company.

• An agreement with a secured lender to sell Pine Gate’s independent power producer platform and substantially all of its development pipeline, which includes about 10 GWdc of safe harbored new project capacity. The lender will serve as a stalking horse bidder.

Competing bids for the company and its assets are due within about 45 days, said the company in a press statement.

During the sales process, Pine Gate and ACT Power Services are continuing to support their project partners and advance projects currently in development and under construction, as well as provide O&M services. Pine Gate’s operational projects will also continue to generate and sell power.

“Since our founding almost 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 Catt. “To ensure that our projects continue generating renewable energy, we made the strategic decision to commence this court-supervised sales process.”

In addition, to assist in the process, the company appointed Mark Rajcevich, managing director at Alvarez & Marsal, as chief restructuring officer. Rajcevich brings more than 20 years of financial restructuring and energy industry experience.

Solar has taken a hit from recent policy headwinds, including the One Big Beautiful Bill Act and executive and agency actions aimed at curbing solar development. After years of growth, Wood Mackenzie forecast that solar installations may decline 1% annually through 2035.

Follow this link to watch pv magazine USA’s recent webinar convening industry leaders and guidance for unlocking capital and ensuring project success in the face of steady headwinds.