Pine Gate Renewables Closes $150 Million Credit Facility with Carlyle

Asheville, North Carolina – Pine Gate Renewables, LLC, today announced the closing of a $150 million credit facility with global investment firm Carlyle (NASDAQ: CG). The transaction closed in the fourth quarter of 2023. The credit facility will be used to accelerate construction activities for Pine Gate’s growing development pipeline and support a subset of its 2.2 GW operating portfolio. The facility currently supports projects across the Southeast and in ERCOT but will ultimately finance a diverse set of projects over time.

As Pine Gate continues to scale its operations, so does the need for access to additional capital from various financial partners. This new partnership with Carlyle further diversifies Pine Gate’s financing sources and supports the continued growth of a portfolio of solar and storage projects in operation and under development.

“Throughout this transaction, Carlyle has been a collaborative partner who has shown a commitment to funding renewable energy and the broader energy transition,” said Phil North, Chief Financial Officer at Pine Gate Renewables. “In the dynamic renewable energy landscape, we are grateful for this new partnership as it will enable Pine Gate to advance our mission to generate The Power of Tomorrow™."

“We are pleased to partner with Pine Gate in support of their next phase of projects” said Jack Tepe, a Principal on Carlyle’s Infrastructure Credit team and deal team lead for the transaction. “Given their successful track record, coupled with a robust pipeline of utility scale solar and energy storage projects, we believe Pine Gate will continue to play a key role in accelerating the energy transition in the United States.”

As of September 30, 2023 Carlyle Global Credit manages $150 billion in assets, of which over $4 billion is dedicated specifically to the infrastructure credit sector. Carlyle’s Infrastructure Credit platform is an active provider of directly originated, privately negotiated capital solutions to global infrastructure and energy projects.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $382 billion of assets under management as of September 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle.
 
About Pine Gate Renewables
Pine Gate Renewables is a developer and owner-operator of utility scale solar and energy storage projects across the United States. Founded in 2016, Pine Gate is dedicated to the innovative deployment of clean energy and has extensive experience in the development, financing, construction, and operation of solar and energy storage facilities. A trusted partner and leader in the industry, Pine Gate has closed more than $7 billion in project financing and capital investment. Pine Gate’s operational fleet includes over 100 solar facilities accounting for more than two gigawatts (GW) of installed capacity and it has over 30 GW of projects in development.

Media Contacts
Carlyle
Kristen Greco Ashton
(212) 813-4763
Kristen.ashton@carlyle.com

Pine Gate Renewables 
Kristen McKenzie (843) 819-4402
Kristenmckenzie@pgrenewables.com