At year-end 2025, Pine Gate Renewables entered bankruptcy and moved quickly to sell nearly 1 GW of US solar assets. Nofar Energy stepped in and acquired the portfolio at an enterprise value of $575 million, or ~$0.59M/MWdc.
The insight is simple: forced sales, not asset quality, are now setting clearing prices in US solar. This deal matters because it shows how sharply valuations can compress when liquidity is the driver.

The portfolio includes 975 MWdc across nine projects, with 650 MWdc operational, 100 MWdc in advanced construction, and the balance expected online by 2027. The MW-weighted average asset age is just ~2 years. In a normal market, assets like these would have traded far higher. In 2025, operational utility-scale solar typically cleared around $1.3M/MW, with in-construction assets closer to $0.9M/MW. This transaction priced well below that range because Pine Gate needed speed and certainty through a court-supervised process. Carlyle’s Summit Infrastructure submitted a $320M credit bid, but Nofar ultimately won with a $575M offer, absorbing execution and process risk in exchange for price.

Despite the discount, revenues are anchored by PPAs with Duke Energy, Santee Cooper, and Alabama Power, and the assets qualify for IRA tax credits. The capital stack includes $285M of equity and $260M of assumed debt, leaving Nofar with a low-cost basis that is difficult to replicate via new builds.

This deal didn’t reprice US solar slowly—it reset it in one transaction. Nofar moved decisively and locked in scale at a price that may anchor distressed comps into 2026.Want to stay updated on the latest renewable energy deals and strategies shaping the future of power? Explore our latest insights, project updates, and more at Enerdatics. Don’t forget to subscribe to our newsletter for real-time updates.

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