Nationwide photo voltaic developer Pine Gate Renewables is submitting for Chapter 11 bankruptcy and promoting its photo voltaic and vitality storage challenge portfolio and unbiased energy producer enterprise. It will embrace accomplished and under-development initiatives, of which the corporate said there may be 10 GWDC in progress.
Credit score: Pine Gate Renewables
In response to the press release announcing the bankruptcy and sale of company assets, Pine Gate plans to proceed firm operations by 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 Companies, Pine Gate’s operations and upkeep subsidiary, is just not submitting for chapter, however the firm is in talks to promote that enterprise as properly.
“To make sure that our initiatives proceed producing renewable vitality, we made the strategic resolution to start this court-supervised gross sales course of,” mentioned Ben Catt, CEO of Pine Gate.
He continued: “I’m grateful for the exhausting work and dedication of the Pine Gate workforce who has been key to serving to us drive the renewable vitality transition. As we transfer by this course of, we stay dedicated to supporting our valued challenge companions throughout our greater than 100 operational photo voltaic services and forging forward with our initiatives in improvement and below 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.
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