KeyState Renewables and Monarch Private Capital Close Nearly $100 Million Tax Equity Financing for Pine Gate Renewables’ Kentucky Solar Project
11 Outubro 2023 - 9:00AM
KeyState Renewables and Monarch Private Capital announce
the close of nearly $100 million tax equity financing with North
Carolina-based Pine Gate Renewables on the Glover Creek solar
project near Bowling Green, Kentucky. Glover Creek was the second
solar project to receive a permit from the state’s Electric
Generation and Transmission Siting Board, and the first solar
project constructed in Metcalfe County. Upon completion, the
project will generate 76.65 MWdc of clean power. Pine Gate
Renewables, via its project entity, Glover Creek Solar, LLC, has
entered into a 20-year power purchase agreement with Constellation
NewEnergy, Inc., a wholly owned subsidiary of publicly traded
Constellation Energy Generation.
Aerial photo of Glover Creek Solar courtesy of
Pine Gate Renewables, LLC. For a high-res version, please email
kristenbeckham@pgrenewables.com.
KeyState Renewables launched its tax equity platform, SOLCAP,
with Corner Power in 2019. Since then, SOLCAP has raised and
deployed over $265 million in solar tax equity for investors. This
is SOLCAP’s second tax equity investment with Pine Gate Renewables.
In February 2020, SOLCAP closed financing on a portfolio of six
solar projects in Oregon and South Carolina with Pine Gate
Renewables.
Monarch Private Capital entered the renewable energy space in
2012, engaging in tax equity financing to create a sustainable
future as part of its mission to positively impact communities. The
firm has supported 284 renewable energy investments totaling more
than $4 billion in development costs, across 30 states plus D.C.,
creating nearly 12,000 jobs. The 76 MW of new solar energy brings
Monarch’s total clean power investment to nearly 3 GW, abating more
than 95 million MT CO2e over their expected 40-year lifespan. This
is equivalent to greenhouse gas emissions from over 20 million
passenger cars driven for one year or CO2 emissions from charging
more than 11 trillion smartphones.
“Monarch Private Capital and SOLCAP are helping transform the
national electricity market, serving as a catalyst to bring new
jobs and clean energy to communities across the U.S. We’re
particularly pleased to partner again on this new project in
Kentucky, where the potential for domestic renewable energy is
abundant and a skilled workforce is ready to bring it online,” said
Meghan Comiskey, Senior Vice President of Project Finance for Pine
Gate Renewables.
“We are excited to partner again with Pine Gate Renewables, one
of the nation’s leading solar developers, on the financing of the
Glover Creek Project in Kentucky. By working with innovative
national development partners like Pine Gate, KeyState ensures we
will have a reliable source of renewable energy projects in the
future for SOLCAP, our tax equity investment platform for community
& regional banks and middle-market corporate investors,” said
Josh Miller, CEO of KeyState Renewables.
“We are pleased to partner with KeyState and Pine Gate to bring
clean power to this Kentucky community and help remake the local
economy that has lost fossil-fuel related jobs,” said Bryan Didier,
Partner & Managing Director of Renewable Energy for Monarch
Private Capital. “This unique collaboration underscores our shared
commitment to deliver renewable energy in an impactful manner and
is yet another step toward an exciting sustainable future.”
About Pine Gate RenewablesPine Gate
Renewables is a developer and owner-operator of utility scale
solar and energy storage projects across the United States. Founded
in 2016, Pine Gate is dedicated to the innovative deployment of
clean energy and has extensive experience in the development,
financing, construction, and operation of solar and energy storage
facilities. A trusted partner and leader in the industry, Pine Gate
is 100% American-owned and has closed more than $7 billion in
project financing and capital investment. Pine Gate’s operational
fleet includes over 100 solar facilities accounting for more than
two gigawatts (GW) of installed capacity and it has over 30 GW of
projects in development.
About KeyState Founded in 1991, The
KeyState Companies specialize in providing financial institutions
and corporations with impactful investment and risk management
solutions that meaningfully enhance annual earnings. In 2019,
KeyState Renewables partnered with Corner Power to form SOLCAP, a
tax equity platform. To date, SOLCAP has raised and deployed over
$265 million in tax equity to 53 small-scale utility and community
solar projects in seven states. The KeyState Companies are
headquartered in Las Vegas, Nevada, with offices in Wilmington,
Delaware and Burlington, Vermont. Please visit key-state.com.
About Monarch Private CapitalMonarch Private
Capital manages impact investment funds that positively impact
communities by creating clean power, jobs, and homes. The funds
provide predictable returns through the generation of federal and
state tax credits. The Company offers innovative tax credit equity
investments for affordable housing, historic rehabilitations,
renewable energy, film, and other qualified projects. Monarch
Private Capital has long-term relationships with institutional and
individual investors, developers, and lenders participating in
these federal and state programs. Headquartered in Atlanta, Monarch
has offices and professionals located throughout the United
States.
Media contacts:
Pine Gate RenewablesKristen BeckhamDirector, Government and
External Affairs(843) 819-4402Kristenbeckham@pgrenewables.com
KeyState RenewablesSteve Hibbard Director of Finance(303)
941-1304shibbard@key-state.com
Alan WalkerWalker Solutions, LLC(770)
715-8465alan@walkersolutionsnv.com
Monarch Private CapitalJane RafeedieDirector,
Marketingjrafeedie@monarchprivate.com(470) 283-8431
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b2aba639-c804-498d-9708-2730bd479db0
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