ENERGY STORAGE

Pine Gate Renewables closes $650m of investment from Generate Capital, HOOPP & HESTA

April 30, 2024

US utility scale solar and energy storage developer Pine Gate Renewables has confirmed the final closing of a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP) and HESTA.

“The investment provides funding to accelerate Pine Gate’s work as a national developer, owner, and operator of clean energy projects and will support the financing of an incremental 3GW of clean energy infrastructure by 2025,” said a statement.

“Pine Gate is proud to expand our partnership with Generate Capital and to benefit from HOOPP’s and HESTA’s deep experience in responsible and innovative investing,” said Ben Catt, CEO at Pine Gate Renewables. “This landmark transaction unlocks a new era of partnership and value creation at Pine Gate Renewables.”

Scott Jacobs, Generate Capital’s CEO and co-founder, added: “We have been incredibly proud to work with the best-in-class team at Pine Gate since 2022, providing strategic growth capital, asset financing and integrated services to accelerate their success and market leadership. The new partnership with institutional investors illustrates the value of Generate’s one-stop-shop business model as it opens up new, innovative sources of financing for Pine Gate while providing values- and vision-aligned institutional investors the opportunity to capitalise on the clean energy transition.”

Steve Smith, HOOPP’s head of global infrastructure, said: “HOOPP is pleased to partner with the Pine Gate team, supporting their work as a leader in renewable energy. We look forward to collaborating with Pine Gate and Generate in providing much-needed clean energy to the company’s customers and communities.”

Jeff Brunton, HESTA’s head of portfolio management, added: “We are thrilled to expand our partnership with Generate in backing market leaders like Pine Gate that can help deliver strong, long-term returns for our members and accelerate our contribution to a more sustainable world.”