Pine Gate Renewables finalized financing for its second solar installation in Stanly County, North Carolina, which will generate 70 MW of renewable energy for Albemarle, east of Charlotte.
The Stanly Solar project is currently under construction by NARENCO and is expected to enter service by the end of the year. It is expected to provide enough energy to power around 15,500 homes through a 20-year power purchase agreement awarded as part of the Competitive Procurement of Renewable Energy (CPRE) program with Duke Energy Carolinas.
Pine Gate’s first project in Stanly County was Albemarle Solar, a 3 MW installation that went online earlier this year. The company currently has 15 projects with a combined capacity of 300 MW under construction statewide.
In July, Pine Gate completed its Trent River Solar project, near the Outer Banks. That 108 MW installation was also awarded a 20-year power purchase agreement through Duke Energy’s CPRE program. The project broke ground in July 2020, and was finished ahead of schedule.