Pine Gate Renewables announced the final closing of a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP) and HESTA. The investment provides funding to accelerate Pine Gate’s work as a national developer, owner, and operator of clean energy projects and will support the financing of an incremental three gigawatts (GW) of clean energy infrastructure by 2025.

The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The scale of the investment validates Pine Gate’s long-term vision for growth, positions the company as a national market leader, and underscores confidence in the clean energy asset class.

“Pine Gate is proud to expand our partnership with Generate Capital and to benefit from HOOPP’s and HESTA’s deep experience in responsible and innovative investing,” said Ben Catt, Chief Executive Officer at Pine Gate Renewables. “This landmark transaction unlocks a new era of partnership and value creation at Pine Gate Renewables as we strive towards our mission to generate The Power of Tomorrow™.”

“We have been incredibly proud to work with the best-in-class team at Pine Gate since 2022, providing strategic growth capital, asset financing and integrated services to accelerate their success and market leadership,” said Scott Jacobs, Generate Capital’s CEO and Co-Founder. “The new partnership with institutional investors illustrates the value of Generate’s one-stop-shop business model as it opens up new, innovative sources of financing for Pine Gate while providing values- and vision-aligned institutional investors the opportunity to capitalize on the clean energy transition.”

“HOOPP is pleased to partner with the Pine Gate team, supporting their work as a leader in renewable energy. We look forward to collaborating with Pine Gate and Generate in providing much-needed clean energy to the company’s customers and communities,” said Steve Smith, HOOPP’s Head of Global Infrastructure. “We expect this investment will deliver great value to our members, the healthcare workers of Ontario.”

“We are thrilled to expand our partnership with Generate in backing market leaders like Pine Gate that can help deliver strong, long-term returns for our members and accelerate our contribution to a more sustainable world,” said Jeff Brunton, HESTA’s Head of Portfolio Management.