Pine Gate Renewables, a leading developer and owner of solar and energy storage projects, has secured a significant investment of $650 million from a trio of sustainable investors: Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP), and Australian superannuation fund HESTA. This funding will fuel Pine Gate’s ambitious U.S. clean energy infrastructure expansion, aiming to deliver three gigawatts of clean energy by 2025.
Generate Capital, a long-term partner of Pine Gate since 2022, has provided strategic growth capital, asset financing, and integrated services. Scott Jacobs, CEO and co-founder of Generate Capital praised the partnership, stating, “This investment showcases the value of our comprehensive business model, unlocking innovative financing sources for Pine Gate while offering like-minded institutional investors a chance to capitalize on the clean energy transition.”
Pine Gate, founded in 2016, boasts an impressive operational fleet of over 2 GW of solar facilities and a robust development pipeline of over 30 GW of projects. The company’s commitment to renewable energy aligns with the values of its investors, including HOOPP, which has prioritized climate action and aims to achieve net zero portfolio emissions by 2050.
Steve Smith, HOOPP’s head of global infrastructure, expressed enthusiasm for the partnership, stating, “We look forward to collaborating with Pine Gate and Generate to deliver essential clean energy to communities and customers.” HESTA, another investor, also emphasized its commitment to sustainability, with Jeff Brunton, head of portfolio management, noting, “We’re thrilled to expand our partnership with Generate and support market leaders like Pine Gate, driving strong returns and a more sustainable future.”
This transaction marks a significant milestone for Pine Gate, with a total of $1.5 billion raised to date, including investments from CalSTRS, QIC, and AustralianSuper. The influx of new institutional investors reinforces the company’s growth trajectory and commitment to a sustainable energy future.
