Pine Gate Renewables, one of the biggest names in utility-scale solar, has filed for Chapter 11 bankruptcy. (PV Magazine)
The North Carolina-based developer—behind 100+ operating solar sites and about 10 GW of projects in the pipeline—said bankruptcy will stabilize finances and help the company find new ownership that can keep its projects moving forward.
Pine Gate said operations will continue during restructuring, backed by new financing from existing lenders. A competitive bidding process is expected within 45 days for Pine Gate’s operating projects and ~10 GW of development assets.
Big picture: Pine Gate’s collapse comes after months of policy turbulence and rising financing costs that have slowed growth nationwide. Once seen as a standout independent developer, the company’s bankruptcy highlights just how tight conditions have become in the utility-scale solar market, even for established players.