National solar developer Pine Gate Renewables is filing for Chapter 11 bankruptcy and selling its portfolio of solar and energy storage projects as well as its independent power producer business. This will include ongoing and developing projects, with the company stating it has 10 gigawatts of direct current.

According to the press release announcing the bankruptcy of the company and the sale of assets, Pine Gate plans to continue its operations through this transaction. In September, Blue Ridge Power, the engineering, procurement, and construction subsidiary of Pine Gate Renewables, submitted a state warning notice to lay off over 500 employees on November 18th.

ACT Power Services, the operations and maintenance subsidiary of Pine Gate, has not filed for bankruptcy, but the company is in discussions to sell the business.

To ensure that our project continues to generate renewable energy, we have made a strategic decision to initiate this court supervised sales process, "said Ben Catt, CEO of Pine Gate.

He continued, 'I am grateful for the hard work and dedication of our Pine Gate team, who have been helping us drive the transition to renewable energy.'. As we go through this process, we remain committed to supporting the valuable project partners of over 100 solar facilities we operate, and continue to advance the projects we are developing and constructing. ”

Pine Gate was founded in 2016 and serves the commercial and utility solar markets in 32 states. The company last appeared on the list of top solar contractors for 2023 and installed nearly 500 megawatts of solar energy in 2022. Pine Gate plans to complete bankruptcy related transactions within 45 days after yesterday's announcement.