Pine Gate grabs $500m from Fundamental Renewables

Fundamental Renewables has provided a $500 million credit facility to Asheville, North Carolina-based Pine Gate Renewables, a renewable energy company.

Fundamental Renewables has provided a $500 million credit facility to Asheville, North Carolina-based Pine Gate Renewables, a renewable energy company. The capital will be used to back the initial construction and development of utility-scale solar projects.

PRESS RELEASE

NEW YORK, January 13, 2022 – Fundamental Renewables, formerly MMA Energy Capital, an established provider of debt financing for renewable energy projects, and Pine Gate Renewables (“Pine Gate”) today announced an agreement in which Fundamental Renewables will be the sole provider of a $500 million credit facility to Pine Gate to fund the initial construction and development of utility-scale solar projects.

The facility provides Pine Gate with additional capital to develop and construct a diverse range of solar and storage projects across the country. Pine Gate today operates 85 solar projects in five states across the U.S., accounting for more than 900MWdc of energy, with another 19GW in active development. The company currently has more than 700MWdc in construction.

Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP (“Fundamental”). Fundamental has extensive experience investing in public purpose and community assets, including renewable energy, and provides the expertise and added flexibility to offer new and complementary financing solutions.

“This strategic financing from Fundamental will enable us to execute on our long-term growth initiatives and provides us with the flexible capital necessary to expand our solar portfolio and bring even more renewable energy to communities nationwide,” said Ben Catt, CEO of Pine Gate Renewables. “This loan also advances our ability to acquire development assets and take them over the finish line. Working with Fundamental as a sole lender provides a streamlined process and their longstanding and sophisticated investment track record in the renewable sector makes them an ideal financing partner.”

“Our facility for Pine Gate Renewables underscores Fundamental’s commitment to working with industry leaders and high-quality developers that are spearheading the energy transition to renewable energy and a lower carbon economy,” said Bob Hopper, Senior Advisor at Fundamental Renewables. “We are excited about the tremendous impact solar energy can have for households across the U.S. and are pleased to provide Pine Gate with a flexible financing solution to scale their vision.”

About Fundamental Advisors
Fundamental is a leading alternative asset manager dedicated to municipal, public purpose and community assets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in the secondary market. Fundamental Renewables is the renewable and clean energy investment arm of Fundamental and a leading provider of debt financing for renewable energy projects. For more information, please visit www.Fundamental.com.

About Pine Gate Renewables
Pine Gate Renewables is a leading renewable energy company focused on project development and strategic financing of solar and storage projects throughout the United States. The company’s Pine Gate Impact initiative contributes to multiple non-profit organizations aimed at improving the environment and local communities. Headquartered in Asheville, NC, Pine Gate Renewables made the Inc. 5000 list in 2021, placing at #37; won The Cleanie Awards®’ Silver Award for “Midsized Company of the Year,” was awarded a top spot on Inc. magazine’s Best Workplaces list in 2021, named to Fast Company’s Most Innovative Companies list in 2021, included as a “Best Workplace” in Business North Carolina magazine, awarded the gold medal in the energy category for Inc.’s Best in Business 2020 list and ranked #6 on Inc. 500’s list of “Fastest Growing Energy Companies” in 2018. Pine Gate Renewables works every day to achieve its mission to “Get Solar Done.” For more information, visit pinegaterenewables.com.