Pine Gate Renewables Closes Funding for Portfolio of 12 Solar and Storage Projects in North Carolina
Renewable Energy Pine Gate closed funding for a new fund of 12 solar and solar storage projects plus in North Carolina. Fund projects will sell electricity under long-term contracts to Progress of Duke Energy, Duke Energy Carolinas and Halifax EMC. Crestmark, a division of MetaBank, provided construction and permanent debt financing and American Bank provided tax equity for the portfolio.
Deep cycle lead-acid batteries are the most recycled consumer product in North America. Delivering proven performance, flooded models continue to be the most affordable energy storage solutions for residential off-grid and back-up systems. Browse the Rolls catalog here.
The first standing: Grissom Solar, a 6.9 MW PV plus 10 MWh energy storage project located in Enfield, North Carolina, is the first to begin construction and will provide renewable energy to Halifax EMC. The project is expected to be online in spring 2021. Grissom’s energy storage system will distribute electricity during peak hours and provide essential ancillary services to ensure grid integrity. The system will charge exclusively with solar energy when needed most, ensuring reliability and continuity of service at the lowest possible cost to customers.
“Our projects are designed for the network of tomorrow, keeping in mind the needs of today,” said Mak Nagle, vice president of development strategy. “Our EPC team is flexible and able to intervene at any stage of the project cycle. As a company, we are innovative, technologically savvy and streamlined so that we can add value to stakeholders in our projects. ”
Grissom Solar will be one of 30 existing Pine Gate solar projects already in operation or under construction in North Carolina. Future energy storage projects will be announced in the new year.