Pine Gate Renewables Announces Comprehensive Agreements to Facilitate Strategic and Value-Maximizing Sales Process

Financing Commitments to Support Ongoing Operations and Robust Sales Process

Company in Active Discussions with Multiple Interested Potential Acquirors

Commences Voluntary Chapter 11 Proceedings with Support of Key Financial Stakeholders

Business Operations Will Continue Uninterrupted During Process

ASHEVILLE, N.C., Nov. 6, 2025 /PRNewswire/ -- Pine Gate Renewables, LLC ("Pine Gate" or the "Company"), a leading developer and owner-operator of renewable energy projects across the United States, today announced that it is pursuing a strategic and value-maximizing sales process for substantially all of its assets and business operations. Pine Gate's operations will continue uninterrupted while the Company continues to engage in a competitive sales process with multiple interested parties to transition ownership of its solar and energy storage project fleet while preserving jobs and maximizing value.

To support Pine Gate through this process, the Company has secured financing commitments from certain of its current lenders that will be used to support operations, including the advancement of projects in development and under construction. As part of the financing, Pine Gate is entering into a series of agreements with its lenders, including:

• Agreements with certain secured lenders, to sell certain of 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; and
  
  
• An agreement with another secured lender, to sell Pine Gate's independent power producer platform and substantially all of its development pipeline, which includes ~10 GWdc of safe harbored new project capacity. The lender will serve as the "stalking horse bidder" for these assets and the platform, subject to higher or otherwise better offers for such assets or the Company.

To facilitate the sales process and maximize value for all stakeholders, Pine Gate and certain subsidiaries have initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Pine Gate expects to complete the marketing and sales process, which will provide interested parties the opportunity to submit competing bids for the Company and its assets, in approximately 45 days.

ACT Power Services, the Company's wholly-owned operations and maintenance ("O&M") provider, is not part of the Chapter 11 process. The Company is, however, in active discussions with multiple interested parties to identify a value-maximizing sale transaction for that business.

During the court-supervised sales process, Pine Gate and ACT Power Services are continuing to support their project partners and advance projects currently in development and under construction, as well as provide O&M services. Pine Gate's operational projects will also continue to generate and sell power.

"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. With significant financial support from certain of our current lenders, we're confident that we will successfully conduct a competitive sales process that reflects the inherent value of our nationwide portfolio of solar and energy storage projects."

Mr. Catt continued, "I'm grateful for the hard work and dedication of the Pine Gate team who has been key to helping us drive the renewable energy transition. As we move through this process, we remain committed to supporting our valued project partners across our more than 100 operational solar facilities and forging ahead with our projects in development and under construction."

Additional Information Regarding the Court-Supervised Sales Process

Pine Gate has also filed a number of customary "first day" motions with the Court seeking to maintain uninterrupted operations and uphold its go-forward commitments to stakeholders. These motions include requests to continue paying wages and providing benefits to the Company's employees as usual, and to continue honoring postpetition obligations to commercial partners. Pine Gate expects to receive Court approval for these requests shortly.

In addition, to assist in the process, the Company has appointed Mark Rajcevich, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer. Mr. Rajcevich brings more than 20 years of financial restructuring experience and energy industry expertise to Pine Gate.

Additional information regarding Pine Gate's court-supervised sales process is available at the Company's restructuring website, www.PGRsaleprocess.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Omni Agent Solutions ("Omni"), at https://omniagentsolutions.com/PGR; by calling Omni representatives toll-free in the U.S. and Canada at +1 (888) 812-2572 or (747) 263-0193 for calls originating outside of the U.S. or Canada; or by emailing [email protected].

Advisors

Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel, Alvarez & Marsal is serving as restructuring advisor, Lazard is serving as investment banker, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Pine Gate.

About Pine Gate Renewables

Pine Gate Renewables is a developer and owner-operator of renewable energy projects across the United States. Dedicated to delivering sustainability at scale, Pine Gate has over 30 GW of projects in its development pipeline, has closed approximately $10 billion in project financing and capital investment, and operates a fleet of over 2 GW of solar and storage assets. The Company also provides services to over 7 GW of third party solar and storage assets through wholly owned subsidiary ACT Power Services. Pine Gate is proud to invest in the communities where we live, develop, and operate projects through corporate partnerships and charitable initiatives supported by the Pine Gate Community Impact Fund.

Media Contact

Pine Gate Renewables
Kristen McKenzie
[email protected]

Andy Brimmer / Aaron Palash / Richard M. Goldman
Joele Frank, Wilkinson Brimmer Katcher
[email protected]
212-355-4449

SOURCE Pine Gate Renewables