Pine Gate Renewables, a solar project developer, and Irradiant Partners, an alternative investment manager, have secured financing for 56 MW of solar projects under development in Michigan.
The funding amount secured for the project was not disclosed. The solar projects are scheduled to be commissioned by early 2022. Once commissioned, the projects will produce electricity for around 6,300 homes.
The two projects have a 20-year power purchase agreement with Consumers Energy, the principal subsidiary of CMS Energy. Pine Gate Renewables and Irradiant are developing over 400 MW of projects in Michigan through bilateral contracts with Consumers Energy.
Blue Ridge Power (a construction company) provides solar projects with engineering, procurement, and construction (EPC) services.
“In recent years, Michigan has shown an increased appetite for building out its renewable energy plans for the future, and we’re excited to be working with the leaders of this beautiful state to bring MacBeth and Lyons Road online,” said Ben Catt, CEO of Pine Gate Renewables.
“In addition to generating clean energy, our solar projects will provide local construction jobs to dozens of workers, infuse money into local businesses and subcontracting companies, and provide tax revenue to the cities of Montague and Owosso,” he added.
“We are thrilled to continue with the buildout of our solar footprint in Michigan,” said Alta Yen, Managing Director of Irradiant. “We look forward to completing these projects with our EPC partner Blue Ridge Power and progressing our Michigan pipeline,” she added.
In January 2021, Pine Gate Renewables closed financing for a 12-project fund of solar and solar plus storage sites in North Carolina. Crestmark, a division of MetaBank, provided the construction and permanent loan financing, and U.S. Bank provided tax equity for the portfolio.
According to Mercom’s solar funding report, in Q3 2021, announced large-scale project funding came to $3.2 billion.