Pine Gate Renewables and 78 of its affiliated businesses filed for Chapter 11 bankruptcy protection Thursday in the Southern District of Texas as the North Carolina-headquartered business “continues to engage in a competitive sales process with multiple interested parties to transition ownership of its solar and energy storage project fleet while preserving jobs and maximizing value.”
In first-day bankruptcy filings, Pine Gate states that it has between 5,000 and 10,000 creditors and liabilities of between $1 billion and $10 billion. The company states it also has assets of $1 billion to $10 billion.
Pine Gate Chief Legal Officer Judith Hall selected Latham & Watkins and Hunton Andrews Kurth as its legal outside counsel. Hunton AK partner Tad Davidson signed the first-day bankruptcy documents.
The case has been assigned to U.S. Bankruptcy Judge Christopher Lopez in Houston.
Alvarez & Marsal is serving as restructuring advisor. Lazard is serving as Pine Gate’s investment banker. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
Texas companies listed among the top 30 creditors include Waaree Solar Americas in Brookshire ($4.6 million), Lonestar Electric Supply in Houston ($3.58 million) and Pralar USA in Houston ($3 million).
In its public statement, Pine Gate Renewables officials have more than 30 GW of projects in its development pipeline, have closed approximately $10 billion in project financing and capital investment and operate a fleet of over two GW of solar and storage assets. The company states that it provides services to over 7 GW of third-party solar and storage assets through wholly owned subsidiary ACT Power Services.
The case is In re Pine Gate Renewables, No. 25-90669.