National solar developer Pine Gate Renewables is filing for Chapter 11 bankruptcy and selling its solar and energy storage project portfolio and independent power producer business. This will include completed and under-development projects, of which the company stated there is 10 GWDC in progress.
Credit: Pine Gate Renewables
According to the press release announcing the bankruptcy and sale of company assets, Pine Gate plans to continue company operations through the transaction. In September, Blue Ridge Power, the engineering, procurement and construction subsidiary of Pine Gate Renewables, filed state WARN notices 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 that our projects continue generating renewable energy, we made the strategic decision to commence this court-supervised sales process,” said Ben Catt, CEO of Pine Gate.
He continued: “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. 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.”
Pine Gate, founded in 2016, serves the commercial and utility solar markets in 32 states. The company last appeared on the 2023 Top Solar Contractors List, installing nearly 500 MW of solar in 2022. Pine Gate plans to complete bankruptcy-related transactions within 45 days of yesterday’s announcement.
