Solar Firm Pine Gate Preparing for Potential Bankruptcy Filing

(Bloomberg) -- Pine Gate Renewables is negotiating with lenders over a debt restructuring that may be executed through Chapter 11 bankruptcy proceedings, according to people with knowledge of the matter.

The developer and operator of solar and energy storage projects is seeking rescue financing or a loan that would fund the company through a restructuring in bankruptcy court, said the people, who asked to not be identified discussing a private matter.

“Given recent market and regulatory changes,” discussions remain ongoing with “financing partners,” but no decisions have been made, a spokesperson for Pine Gate said in an emailed statement.

The US solar industry has been crippled by President Donald Trump’s anti-renewables policies, tariffs and high borrowing costs. Efforts to slow solar development has left companies desperate to shore up their balance sheets, said one of the people.

Pine Gate’s loans are secured by three separate pools of collateral, Bloomberg previously reported. Respective lenders are in talks to take ownership of the collateral backing individual loans, they said. The company has scored loans from Brookfield Asset Management Ltd. and Carlyle Group Inc. 

Pine Gates is working with Lazard Inc. in addition to Latham & Watkins, Bloomberg reported. 

Representatives for Lazard and Latham didn’t respond to requests for comment, while representatives for Brookfield and Carlyle declined to comment. 

The president’s One Big Beautiful Bill Act is ending key tax breaks for solar projects that had helped underpin investments in the sector. Trump has also imposed steep tariffs on solar panel imports and is blocking solar development on public lands.

--With assistance from Chunzi Xu.

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