What does it take to blend historical preservation with cutting-edge solar technology? Pine Gate Renewables has done just that with the Catalina Solar project, a new venture in South Carolina. With $112.9M in financing led by Zions Bancorporation, Catalina Solar is set to energize the Palmetto State while respecting its rich history. This blog delves into the significance of this solar project, its unique approach to development, and the impact of strategic financing in advancing renewable energy.
Historic Preservation Meets Solar Innovation
Catalina Solar isn’t just another renewable energy project; it’s a testament to the delicate balance between progress and preservation. During the project’s development, Pine Gate Renewables discovered a historical feature near the site and worked closely with local archaeologists and the South Carolina Department of Archives and History to preserve it. By exceeding local and state requirements, Pine Gate ensured that the area’s unique natural and historical characteristics were protected. This commitment to responsible development sets a precedent for future renewable energy projects in historically significant areas.
Zions Bancorporation Leads the Financing Charge
The $112.9M construction-to-term debt and tax equity bridge loan was arranged by Zions Bancorporation, with Lloyds Bank and United Community Bank participating as lenders. This collaborative financing structure allows Catalina Solar to transition seamlessly from construction to operation. Zions’ leadership in renewable energy financing is evident through their involvement, with Robert Park, Head of Power & Project Finance, emphasizing the bank’s dedication to sustainable development. As the renewables sector expands, innovative financing models like this one will be crucial for supporting large-scale solar projects across the U.S.
Catalina Solar: Energizing South Carolina’s Future
Once operational, Catalina Solar will be the 25th project in Pine Gate’s South Carolina portfolio, contributing to over 800 MW of clean energy capacity in the state. This reliable, cost-effective energy will help meet growing demands while further solidifying South Carolina’s commitment to renewable energy. The environmental attributes of the facility will also be sold to third parties, ensuring that Catalina Solar provides both local and global benefits. Pine Gate’s continued leadership in solar development positions it as a key player in the energy transition, with this project acting as a blueprint for future solar installations.
Conclusion:
Catalina Solar is more than a solar project; it's a model for how renewable energy development can honor the past while paving the way for a sustainable future. Interested in learning more about Pine Gate Renewables’ innovative projects? Subscribe to our newsletter and stay updated on the latest developments in clean energy.
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