Blackstone Credit Invests $288M in Pine Gate Energy Portfolio
Blackstone Credit and Insurance has made a $288 million preferred equity investment in energy storage and solar company Pine Gate Renewables, LLC to support six solar projects across two states totaling 780 megawatts of power.
“This transaction is emblematic of our differentiated origination and structuring capabilities in the energy transition sectors, where we seek to deliver great outcomes for our partners and investors as a leading player in the market,” said Zach Rubenstein, Managing Director at Blackstone Credit & Insurance.
Asheville, NC-based Pine Gate has more than two gigawatts of solar capacity in operation across over 100 facilities, along with more than 30 gigawatts of projects in development.
BXCI was founded last year when Blackstone merged its corporate credit, asset-based finance, and insurance divisions. The unit currently manages approximately $350 billion in assets, with the goal of increasing its total credit assets to $1 trillion within a decade.
Stoel Rives LLP advised Pine Gate Renewables on the transaction. Milbank LLP advised Blackstone Credit & Insurance.
