ASHVILLE, NC – Pine Gate Renewables and Kayne Anderson Capital Advisors, L.P. announced their first wave of solar energy projects into Michigan – 14 new solar farms in eight counties constructed as part of a larger initiative to bring more than 500MW of renewable energy projects to the state through 20-year Power Purchase Agreements.
The initial 14 solar farms are expected to go online in the fourth quarter of 2020 and will produce approximately 40MW of clean energy. These projects are expected to inject $80 million of capital into the state and contribute $11 million in tax revenue. In addition to the projects Pine Gate and Kayne are building in 2020, several dozen more will be developed for construction over the next three years while working to ensure key policies are in place to advance Michigan’s clean energy goals.
500MW has the potential to provide the electric power needs for 100,000 average homes
“We’re excited to bring locally-generated renewable energy to the great state of Michigan,” said Pine Gate Renewables CEO Ben Catt. “These projects are significant as they mark the beginning of a sizable renewable energy footprint in Michigan and are an environmental win for communities across the state.”
“Becoming a leader in solar energy in Michigan has been an important focus of Kayne Anderson over the last several years,” said Jon Levinson, Co-Head of Renewables at Kayne Anderson Capital Advisors. “We are very pleased to have brought this initial wave of projects into construction with our partners at Pine Gate, and we are very excited about the continued build-out of our solar footprint in Michigan over the next several years.”
Construction of the solar farms is underway in Branch, Calhoun, Genesee, Hillsdale, Lenawee, Missaukee, Montcalm and Saginaw counties.
The initial 14 solar farms are expected to produce enough energy to power approximately 7,600 homes in the first year of operation.
Each solar farm will employ dozens of highly-skilled workers, and bring more than 250 jobs to the state to build and maintain the projects.
Pine Gate Renewables developed the Michigan projects with Birch Creek Development. Financing was provided by KeyBank, Barings and US Bank.
For more information, visit www.pgrenewables.com.