Pine Gate Renewables, a fully integrated utility-scale solar development company, has closed funding for a new 12 project fund for solar and Solar + storage in North Carolina.
The projects in the fund will sell electricity under long-term contracts to Duke Energy Progress, Duke Energy Carolinas and Halifax EMC. Crestmark, a division of MetaBank, provided the construction and permanent loan finance, and the US bank provided tax capital for the portfolio.
Grissom Solar, a 6.9 MW PV plus 10 MWh energy storage project in Enfield, NC, is the first to begin construction and will provide Halifax EMC with renewable energy. The project is expected to be online in spring 2021.
"Our in-house team of engineering, EPC and finance professionals pioneered storage solutions in a variety of markets," said Ben Catt, CEO of Pine Gate Renewables. "We are constantly innovating to meet market demands and bring renewable energies online."
The Grissom energy storage system will provide power during peak hours and provide important ancillary services to ensure the integrity of the grid. The system is only charged with solar power when it is needed most, ensuring reliability and continuity of service at the lowest possible cost for customers.
Grissom Solar will be one of Pine Gate's 30 existing solar projects already operational or under construction in North Carolina. Future energy storage projects will be announced in the new year.
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