Pine Gate Renewables will spearhead the 108-MW Trent River solar project located near Pollocksville, North Carolina. Expected to go online in the third quarter of 2021, the 20-year power purchase agreement is one of the first awarded under Duke Energy’s Competitive Procurement of Renewable Energy (CPRE) program.
Pine Gate Renewables developed the project with Silver Pine Energy Holdings as part of their recent joint venture partnership.
“To develop this project as part of our partnership with Silver Pine Energy Holding is particularly meaningful as it’s in our backyard, our home state of North Carolina,” said Ben Catt, CEO of Pine Gate Renewables. “We’re also excited to be one of the first projects to come online via Duke Energy’s CPRE Program. Expanding locally-generated renewable energy is why we exist, and we’re thankful for all our partners in this new venture.”
CIT Group serves as lead arranger on $126 million financing for the project. The Trent River Project allows CIT to extend its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.
“We’re proud to expand our growing relationship with Pine Gate Renewables by arranging this financing,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “Pine Gate is a recognized leader in the field of utility-scale solar and we look forward to continuing to support their project financings in the future.”
The Trent River project will create approximately 300 jobs during the construction and operation of the facility.
News item from Pine Gate