Pine Gate Starts Work on 101MW Solar Project in SC
- Jul 12, 2019
Utility-scale solar developer Pine Gate Renewables has started work on Bowman Solar, a 101-megawatt project located in Orangeburg County, S.C. The solar development marks Pine Gate’s 13th project in the state.
Bowman Solar is spread across 651 acres, which makes it one of the largest solar sites in the state. It will total 849,840 photovoltaic panels once finalized in the first quarter of 2020. The project is set to generate enough electricity to power roughly 75,000 homes, with a greenhouse gas reduction that is equivalent to removing 19,100 gas-powered cars from the road and planting 118,000 trees. Combined, Pine Gate’s South Carolina projects have raised more than $400 million in capital and generated nearly $1 million in personal property taxes for local communities to date.
Financing for Bowman Solar was led by CIT’s Power and Energy group, which arranged the construction and permanent financing facilities, and U.S. Bank, which arranged the tax equity investment. Momentum Energy Advisors assisted Pine Gate Renewables in sourcing, structuring and executing the debt and tax equity financing.