Solar developer Pine Gate Renewables is asking suitors to submit bids for its assets by Friday, 31 October, ahead of a potential bankruptcy filing, said three sources familiar with the matter.

Pine Gate is exploring multiple options and is open to collecting bids for the entire business or one or more of its projects, said two of the sources.

Winning offers could serve as stalking horse bids in the event Pine Gate does elect to file, said the third source. The first source said some offers could come in the form of credit bids.

The compressed timeline for the sale process, which kicked off around mid-September, may pose a challenge for some strategic bidders, said the second source.

Pine Gate has reportedly been working with Lazard and Latham & Watkins to secure rescue financing and negotiate with creditors ahead of a potential bankruptcy filing.

Backed by Generate Capital, Pine Gate has three gigawatts of operating assets and over 30 gigawatts of projects in its development pipeline across 30 states funded by USD 10bn in project financing, according to the company.

The company has lined up power deals with groups like Meta along with financing from major investors including Brookfield Asset Management and the Carlyle.

As it grew, though, Pine Gate took on projects with questionable economics and created an unsustainable overhead expense base, said a sector advisor.

Pine Gate laid off hundreds of employees in September at its Blue Ridge Power subsidiary that provided engineering and construction services, citing “evolving regulatory and capital market environments,” according to WARN notices.

Utility-scale solar developers are facing a cash crunch as financing necessary to complete projects dries up and construction costs continue to rise as prospects for the sector dim under the Trump administration, which has ended government programs that supported the industry’s rise, as reported.

Total corporate funding for solar companies — including venture capital, public market and debt financing — fell 39% year-over-year in the first half of 2025, according to data from Mercom Capital Group. Energy companies funding fell 41% over the same time period, according to the report.

Generate Capital’s new CEO, David Crane, admitted in a public commentary last month that his fund made mistakes during the rapid growth of the renewable energy sector under former President Joe Biden.

“We made mistakes rooted in the euphoria of the early 2020s. We deviated from our operational roots and our expertise in structuring risk-mitigated project transactions to demonstrate our savviness as financial investors,” Crane wrote.

This year Pine Gate secured a USD 300m loan facility from Brookfield Asset Management through its infrastructure debt platform. In 2024, the company and its projects received a total of USD 1.3bn in investments: USD 150m credit facility from Carlyle Group, a project-based USD 288m preferred equity investment from funds affiliated with Blackstone Credit & Insurance, USD 290m in a tax credit transfer and USD 650m in investments from Healthcare of Ontario Pension Plan and HESTA.

Brookfield and Blackstone declined to comment. Pine Gate, Carlyle and Healthcare of Ontario and HESTA did not respond to request for inquiries.