Pine Gate Renewables ~1 GW solar portfolio — 9 projects across NC, SC, AL, TX (bankruptcy sale)
Bankruptcy §363 asset sale. Pine Gate filed Chapter 11 in Nov 2025 citing legislative headwinds (One Big Beautiful Bill Act). Nofar won competitive bid; assumed ~$260M project debt + $30M additional costs. Grows Nofar USA portfolio to 2.3 GWdc solar + 1.5 GWh storage.
$285M
Deal Value
979MW
Capacity
Solar
Technology
AL, NC, SC, TX
Location
Deal Details
- Deal Type
- Project & Portfolio M&A
- Seller / Sponsor
- Pine Gate Renewables
- Buyer / Financier
- Nofar USA (Nofar Energy)
- Deal Value
- $285M
- Stage
- Mixed (Development + Construction)
- ISO/RTO
- Multiple
- Source
- Business North Carolina
Capital Structure
$575M
Total transaction value
Tranches
- Cash purchase consideration · Nofar USA (Nofar Energy)
- $285M
- Assumed existing project-level debt
- $260M
- Additional costs and investments · Nofar USA (Nofar Energy)
- $30M
Service Providers
Advisory & Legal
- Seller Counsel
- Latham & Watkins LLP; Hunton Andrews Kurth LLP
- Buyer Counsel
- Clifford Chance
- Seller Financial Advisor
- Lazard
- Buyer Financial Advisor
- BNP Paribas
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Capital Dynamics
$977M ($12.35/share)
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