Fundamental Renewables and Pine Gate Renewables have announced an agreement under which Fundamental Renewables will be the sole provider of a $500 million credit facility to Pine Gate to fund the initial construction and development of utility-scale solar projects.
According to Ben Catt, CEO of Pine Gate Renewables the loan will be used to expand the company’s solar portfolio through both originated and acquired projects, as well as allow the company to move towards some of its long-term growth goals.
“Our facility for Pine Gate Renewables underscores Fundamental’s commitment to working with industry leaders and high-quality developers that are spearheading the energy transition to renewable energy and a lower carbon economy,” said Bob Hopper, senior advisor at Fundamental Renewables.
Pine Gate currently operates 85 solar projects in five states across the U.S., accounting for more than 1 GW of energy, with another 19 GW in active development. The company currently has more than 700 MW under construction.
One of Pine Gate’s assets under development, first announced in November, is a 0.125 MW/0.5 MWh battery energy storage system, being built to provide demand charge reduction, backup power to critical loads, and supply additional grid services to the city of Logan, Utah.
The project is the first standalone storage system to be developed in Utah and is planned to be operational before the end of 2022. The battery system will be comprised of the Eos Znyth Gen 2.3 battery and Nikola Power’s Intellect Plus Energy Management System.
Pine Gate currently has more 12 GWh of storage in development as stand-alone or co-located with solar projects across the country.
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