The story of Asheville-based Pine Gate Renewables, once one of the nation’s fastest growing solar energy companies, has apparently come to an end in a U.S. Bankruptcy Court in Houston.
Nofar USA, a subsidiary of Israeli-based Nofar Energy, was the apparent winning bidder for Pine Gate’s almost 1-gigawatt utility-scale solar portfolio. Those assets became for sale after Pine Gate filed for bankruptcy in November.
If approved by federal agencies and bankruptcy court, Nofar will pay $285 million for nine solar projects across North Carolina, South Carolina, Alabama and Texas. Norfar will take on project debts of $260 million and additional costs and investments totaling about $30 million, according to Nofar.
Pine Gate was founded in 2016 and grew rapidly as a developer and operator of utility-scale solar energy and storage projects across the country. It closed on approximately $10 billion worth of projects and at one time had more than 1,000 employees. It had 109 operating sites in more than 30 states. In 2024, it closed on $650 million in private equity funding.
When Pine Gate filed for bankruptcy, it listed $4.4 billion in debt against just $8.5 million in cash. Pine Gate had been soliciting potential buyers since 2024.
President Donald Trump has used his second term to end projects related to wind and solar energy. His One Big Beautiful Bill Act signed into law in July ended subsidies for solar and wind energy projects earlier than planned.
Developers and analysts predicted that the legislation would slash the installation of renewable energy over the next decade.
High interest rates and tariffs, along with the elimination of federal investment tax credits for solar projects, also cooled interest in investments for solar projects, according to Pine Gate’s bankruptcy filing.
Nofar USA has an existing portfolio of more than 1.3 GW of solar and over 1 GWh of storage assets under development.
“We are honored to acquire these high-quality assets from Pinegate Renewables,” said Allon Raveh, chairman and CEO of Nofar USA. “We believe that our ability to act quickly with our financial flexibility makes us a strong candidate for investment opportunities expected to emerge in the market in the next few years.”
Nofar USA is based in Boca Raton, Florida. Nofar Energy operates in 10 countries. It has 1,271 megawatts of projects connected or in development, $429 million in equity and 200 employees.