Pine Gate Renewables announces US$650 million investment
Torys acted as counsel to HOOPP with a team led by Michael Horwitz and Krista Hill, and that included Michael Portner Gartke and Tori Lechner-Sung (corporate/M&A), Christopher Caparelli (regulatory), Peter Keenan and Michelle Lu (tax).
On April 29, 2024, Pine Gate Renewables announced the final closing of a US$650 million investment by returning investor Generate Capital, and new investors HESTA and the Healthcare of Ontario Pension Plan (“HOOPP”).
The investment provides funding to accelerate Pine Gate’s work as a national developer, owner, and operator of clean energy projects and will support the financing of an incremental 3 GW) of clean energy infrastructure by 2025.
Further information can be found on Business Wire’s website.
Pine Gate Renewables is a developer and owner-operator of utility scale solar and energy storage projects across the United States.
Generate Capital is a leading sustainable investment and operating platform driving the infrastructure transition.
HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately A$83 billion in assets (as of 17 April 2024) invested around the world.
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP’s pension promise covers more than 460,000 active, deferred and retired members. HOOPP is fully funded and manages a highly diversified portfolio of more than C$112 billion in assets that span multiple geographies and asset classes.