Pine Gate Closes $288MM Preferred Equity Financing with Blackstone Credit

Pine Gate Renewables closed a $288 million preferred equity investment with funds affiliated with Blackstone Credit & Insurance. The investment supports six solar projects across two states totaling 780 MWdc, all backed by corporate offtake agreements._x000D_
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“Leading Pine Gate’s first preferred equity investment was a significant milestone for our team and the enterprise at large,” Meghan Comiskey, executive vice president for structured finance at Pine Gate Renewables, said. “A multiportfolio transaction with the exceptional partnership of Blackstone enables us to scale our business efficiently as we generate the power of tomorrow.”_x000D_
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“Pine Gate is a high-quality developer with a strong track record, and we look forward to growing our partnership with them,” Zach Rubenstein, managing director at Blackstone Credit & Insurance, said. “This transaction is emblematic of our differentiated origination and structuring capabilities in the energy transition sectors, where we seek to deliver great outcomes for our partners and investors as a leading player in the market.”_x000D_
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Stoel Rives advised Pine Gate Renewables on the transaction. Milbank advised Blackstone Credit & Insurance.