US solar developer Pine Gate Renewables files for bankruptcy

<p class="p1"><span class="s1">Pine Gate Renewables says it has filed for Chapter 11 protection as part of a court-supervised sales process aimed at restructuring its 10 GW (DC) development pipeline and preserving operations.</span></p><p><strong>From <a href="https://pv-magazine-usa.com/2025/11/07/utility-scale-solar-developer-pine-gate-renewables-files-for-bankruptcy/" rel="noopener" target="_blank">pv magazine USA</a></strong></p>
<p><span>Pine Gate Renewables, a developer, owner and operator of renewable energy projects in the United States, has said that it has filed for Chapter 11 bankruptcy protection. </span><span>It is beginning a sales process for “substantially all of its assets and business operations.</span></p>
<p><span>To support Pine Gate through this process, the company said it has secured financing commitments from some of its current lenders that will be used to support operations, including the advancement of projects in development and under construction.</span></p>
<p><span>The company is entering into a series of agreements with its lenders, including:</span></p>
<ul>
<li><span>Selling Pine Gate’s solar operating (and near completion) projects and development assets that secure each such lender’s respective financing facilities. Each such lender will serve as the “stalking horse bidder” for their respective asset portfolio, subject to higher or otherwise better offers for such assets or the company.</span></li>
</ul>
<ul>
<li><span>An agreement with a secured lender to sell Pine Gate’s independent power producer platform and substantially all of its development pipeline, which includes about 10 GW of safe harbored new project capacity. The lender will serve as a stalking horse bidder.</span></li>
</ul>
<p><span>Competing bids for the company and its assets are due within about 45 days, said the company in a press statement.</span></p>
<p><span>During the sales process, Pine Gate and ACT Power Services will continue to support their project partners and advance projects currently in development and under construction, as well as provide O&amp;M services. Pine Gate’s operational projects will also continue to generate and sell power.</span></p>
<p><span>“Since our founding almost 10 years ago, Pine Gate has grown tremendously, deploying innovative solar and energy storage projects at scale that enable us to deliver renewable, reliable, and affordable energy,” said Ben Catt, chief executive officer of Pine Gate. “To ensure that our projects continue generating renewable energy, we made the strategic decision to commence this court-supervised sales process.”</span></p>
<p><span>In addition, to assist in the process, the company appointed Mark Rajcevich, managing director at Alvarez & Marsal, as chief restructuring officer. Rajcevich brings more than 20 years of financial restructuring and energy industry experience.</span></p>
<p><span>Solar has taken a hit from recent policy headwinds, including the </span><a href="https://pv-magazine-usa.com/2025/09/15/one-big-bad-bill-for-solar-projects/" rel="noopener" target="_blank"><span>One Big Beautiful Bill Act</span></a><span> and </span><a href="https://pv-magazine-usa.com/2025/08/21/trump-we-will-not-approve-wind-or-farmer-destroying-solar/" rel="noopener" target="_blank"><span>executive and agency actions</span></a><span> aimed at curbing solar development. After years of growth, Wood Mackenzie forecast that solar installations may </span><a href="https://pv-magazine-usa.com/2025/03/11/u-s-solar-installations-forecast-to-decline-1-annually-through-next-decade/" rel="noopener" target="_blank"><span>decline 1% annually</span></a><span> through 2035.</span></p>
<p><span>Follow this link to watch </span><b><span>pv magazine USA’s</span></b><span> recent webinar convening industry leaders and guidance for </span><a href="https://pv-magazine-usa.com/2025/11/04/watch-solar-industry-leaders-discuss-unlocking-capital-and-navigating-post-tax-credit-market/" rel="noopener" target="_blank"><span>unlocking capital and ensuring project success</span></a><span> in the face of steady headwinds.</span></p>