Pine Gate Renewables is in the final round of a sale process for a minority stake in a 2 GW solar portfolio, with binding bids due next month, sources familiar with the process told Infralogic. 

Morgan Stanley is acting as sellside financial advisor on the process to sell a 49% stake in a portfolio of operational, contracted solar assets in the Southeast and ERCOT, the sources said. While binding bids will be taken in the next three weeks or so, the process is expected to conclude in early September.

Pine Gate declined to comment, while Morgan Stanley did not immediately respond to a request for comment.

Pine Gate is expected to hold the remaining 51% stake in its portfolio long-term, recycling the capital earned through the sale into new greenfield developments and project acquisitions in the same markets.

Based in Asheville, North Carolina, Pine Gate was launched in 2016 and has a development pipeline of more than 30 GW, according to its website.

In April, the firm received a USD 650m investment from Generate Capital, Healthcare of Ontario Pension Plan (HOOPP) and HESTA, the company announced at the time. Generate first invested in Pine Gate in 2022.