US-based Pine Gate Renewables has secured $290 million in back-leverage debt financing for three solar projects, totaling 225 MW (DC) in Alabama and Texas. This financing, led by Sumitomo Mitsui Banking Corporation (SMBC) as Coordinating Lead Arranger and Sole Bookrunner, included Nord/LB and Santander Corporate & Investment Banking as additional Coordinating Lead Arrangers. Pine Gate has also finalized its first solar investment tax credit transfer agreement, selling tax credits from this portfolio to an investment-grade corporate buyer. Birch Risk Advisors arranged the tax credit buyer and acted as placement advisor. Stoel Rives provided legal counsel to Pine Gate on the tax credit transfer and debt transactions.
Pine Gate backs 225 MW solar projects in Alabama, Texas
The $290M financing will support Pine Gate’s 225 MW solar projects across two southern US states. (Image Source: Pine Gate)
Actualize Solar has signed five long-term PPAs in 2024, advancing its 1.5 GW solar project portfolio across six US states. (Image Source: Businesswire)
Located in Enna and Catani a, the 242.78 MW solar plant was designed to produce 400 GWh annually, meeting the needs of 154,000 households. (Inage Source: Iberdola)
Scatec has secured EUR 25 million from IFU, alongside equity and non-recourse debt, for its USD 85 million project financing. (Image Source: Scatec ASA)
EliTe Solar launched its 5 GW PV project in Egypt’s TEDA Suez Zone, set to begin production by September 2025. (Image Source: PRNewswire)