Infrastructure investor Generate Capital has made a $500m investment in US utility-scale solar developer Pine Gate Renewables.
The investment includes a $200m equity investment and an additional $300m commitment to a long-term asset partnership for solar project financing.
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The investment will provide Pine Gate with additional capital to fund construction and development of renewable energy projects and meet other general working capital purposes.
Generate will also join Pine Gate’s board of directors.
Pine Gate owns and operates over 1GW of renewable energy projects and has more than 20GW in active development projects throughout the United States and has raised over $1bn in corporate and project capital financing in the past six months.