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					</table><p>Sustainable infrastructure investment and operating platform <a href="https://generatecapital.com/" target="_blank" rel="noopener">Generate Capital</a> has announced strategic growth capital and asset financing of $500 million to renewable energy project developer <a href="https://pinegaterenewables.com/" target="_blank" rel="noopener">Pine Gate Renewables</a> to expand the latter&#8217;s utility-scale solar and energy storage projects.</p>
<p>The credit facility comprises a $200 million equity investment and a $300 million commitment to a long-term asset partnership for solar project financing. Generate Capital would join Pine Gate&#8217;s Board of Directors through the collaboration.</p>
<p>Pine Gate said it would direct the investment of $300 million into the construction and development of clean energy projects besides meeting its other general working capital purposes.</p>
<p>Foley &amp; Lardner was the transaction&#8217;s legal adviser for Generate Capital, while DNV GL was the technical adviser. Lazard served as financial adviser for Pine Gate in the deal, and Gibson, Dunn &amp; Crutcher was the legal adviser.</p>
<p>Generate Capital&#8217;s CEO Scott Jacobs said, &#8220;Pine Gate team has a strong track record of execution and growth and an innovative operating model that enables them to move fast to build projects across important solar and storage markets. We are excited to partner with this best-in-class team and support Pine Gate&#8217;s continued expansion and market leadership.&#8221;</p>
<p>Pine Gate owns and operates over 1 GW of renewable energy projects, with over 20 GW of active projects under development across the country. The company has raised over $1 billion in corporate and project capital financing in the past six months.</p>
<p>&#8220;Generate Capital is a collaborative, experienced partner and shares our long-term vision of driving the energy transition and improving energy security by providing solar energy and battery storage to local communities across the country. We are well-positioned as we continue to expand our national presence,&#8221; said Ben Catt, Pine Gate&#8217;s CEO.</p>
<p>Earlier this year, Pine Gate <a href="https://mercomindia.com/pine-gate-renewables-credit-solar-expansion/" target="_blank" rel="noopener">secured</a> a $500 million credit facility from Fundamental Renewables to fund the development and construction of its utility-scale solar and storage projects in the U.S.</p>
<p>The solar developer with an alternative investment manager Irradiant Partners also <a href="https://mercomindia.com/project-finance-brief-scout-clean-energy-acquires-blue-sky-solar-project/" target="_blank" rel="noopener">secured</a> financing for 56 MW of solar projects under development in Michigan. The funds are being used to develop two solar projects having a 20-year power purchase agreement with Consumers Energy, the principal subsidiary of CMS Energy.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Pine Gate Renewables Secures $500 Million Financing from Generate Capital

<p>U.S.-based solar energy company <a href="https://www.nexamp.com/" target="_blank" rel="noopener">Nexamp</a> has secured $680 million in funding, including $440 million of debt financing and a $240 million equity investment led by <a href="https://generatecapital.com/" target="_blank" rel="noopener">Generate Capital</a>.</p>
<p>Nexamp provides clean energy access to approximately 40,000 customers across 10 states in the United States. The funding raised will be utilized to expand its presence in new markets. It will also use the funding to scale its team to develop additional retail solutions.</p>
<p>Nexamp develops, designs, builds, and operates distributed solar plus storage projects. It currently has around 1 GW of operating and under-construction solar and storage projects.</p>
<p>Zaid Ashai, Chief Executive Officer of Nexamp, said, “Consumers want more options for reducing their environmental footprints and want more control over their costs. This funding shows confidence in our team and vision, and we are committed to providing solutions to address surging clean energy demand. With the momentum in community solar, we have built a foundation for numerous additional opportunities to expand our consumers’ access to clean energy and sustainable solutions.”</p>
<p>As per the U.S. Department of Energy, individuals can buy or lease a portion of the solar panels in the array in solar community projects. They receive an electric bill credit for electricity generated by their share of the community solar system.</p>
<p>The company said Marathon Capital, an independent investment bank, facilitated the transaction.</p>
<p>Nexamp recently signed an agreement with Walmart for the subscription of Nexamp’s 23 New York community solar farms.</p>
<p>Scott Jacobs, Co-founder and Chief Executive of Generate Capital, said, “We are thrilled to be partnering with Nexamp on this next phase of growth to reach our shared goals of delivering affordable, flexible decarbonization solutions to the market.”</p>
<p>In March 2021, Nexamp <a href="https://mercomindia.com/nexamp-secures-loan-solar-storage-portfolio/" target="_blank" rel="noopener">secured</a> a $440 million senior credit facility for its 380 MW of solar and storage portfolio spread across five states and includes nearly 100 community solar projects equipped with 120 MWh of storage capacity.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/1h-q2-2021-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2021 Solar Funding and M&amp;A Report</a>, in 1H 2021, venture capital funding was 680% higher, with $1.6 billion raised in 26 deals compared to the $210 million that went into 14 deals in the first half of 2020. A total of 85 VC investors participated in solar funding in 1H 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Solar Developer Nexamp Secures $680 Million in Funding

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