Nationwide photo voltaic developer Pine Gate Renewables is submitting for Chapter 11 bankruptcy and promoting its photo voltaic and vitality storage mission portfolio and unbiased energy producer enterprise. This can embrace accomplished and under-development tasks, of which the corporate said there may be 10 GWDC in progress.
Credit score: Pine Gate Renewables
Based on the press release announcing the bankruptcy and sale of company assets, Pine Gate plans to proceed firm operations by means of the transaction. In September, Blue Ridge Power, the engineering, procurement and development subsidiary of Pine Gate Renewables, filed state WARN notices to put off greater than 500 workers by November 18.
ACT Energy Providers, Pine Gate’s operations and upkeep subsidiary, shouldn’t be submitting for chapter, however the firm is in talks to promote that enterprise as properly.
“To make sure that our tasks proceed producing renewable vitality, we made the strategic determination to begin this court-supervised gross sales course of,” stated Ben Catt, CEO of Pine Gate.
He continued: “I’m grateful for the exhausting work and dedication of the Pine Gate crew who has been key to serving to us drive the renewable vitality transition. As we transfer by means of this course of, we stay dedicated to supporting our valued mission companions throughout our greater than 100 operational photo voltaic services and forging forward with our tasks in improvement and beneath development.”
Pine Gate, based in 2016, serves the business and utility photo voltaic markets in 32 states. The corporate final appeared on the 2023 Top Solar Contractors List, putting in practically 500 MW of photo voltaic in 2022. Pine Gate plans to finish bankruptcy-related transactions inside 45 days of yesterday’s announcement.
