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Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
It noted that Trump’s “Big Beautiful Bill” placed strict limitations on sourcing materials from countries such as China.
Those strictures put “extreme pressure” on Pine Gate’s liquidity and collapsed the value of projects it had used as collateral, according to the Financial Times.
Pine Gate CEO Ben Catt said the Chapter 11 will enable it to pursue a “strategic and value-maximizing sales process for substantially all of its assets and business operations.”
The company has brought in Mark Rajcevich, managing director at Alvarez & Marsal, as chief restructuring officer.
Founded 10 years ago, Pine Gate has closed on about $10B in project financing and capital investment. It has partners at more than 100 operational solar facilities.
Joele Frank, Wilkinson Brimmer Katcher’s Andy Brimmer, Aaron Palash and Richard Goldman handle Pine Gate.
Joele Frank handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
Uber’s Mike Lucarelli is moving to NXP Semiconductors as senior VP-investor relations.
