Blackstone Invests $288 Million in Renewables Firm Pine Gate

Blackstone Inc. is investing $288 million in energy storage and solar company Pine Gate Renewables, as part of its push toward financing renewable energy.

Blackstone Credit and Insurance, or BXCI, is providing the preferred equity, which will be used to support six solar projects across two states expected to total 780 megawatts of power, according to a statement seen by Bloomberg News. This deal comes from BXCI’s infrastructure and asset based group, which has inked a number of similar investments over the last year, including a $350 million deal with Arevon Energy.

“Pine Gate is a high-quality developer with ...