Redeux Energy has sold three solar projects in Mississippi to Pine Gate Renewables. Together they total 450 MWdc, and no price was disclosed. The sale is the first step in a larger plan: Redeux brought more than 1.7 GWdc to market in late 2023 and says it wants to sell multi-GW portfolios every year. What Pine Gate paid is unknown, and in this corner of the market that is normal.
Key takeaways
- Redeux Energy announced on 10 June 2024 that it had sold a 450 MWdc solar portfolio in Mississippi, made up of three projects, to Pine Gate Renewables, with the deal value undisclosed.
- The Pine Gate deal is the first divestment under Redeux Energy's plan to sell an over 1.7 GWdc portfolio that it brought to market in late 2023.
- The three Mississippi solar projects Pine Gate acquired from Redeux were submitted to the MISO interconnection queue in 2022, and Leap records them as early-stage.
- Marathon Capital acted as exclusive financial advisor to Redeux Energy on the sale to Pine Gate Renewables.
- Enerdatics records 15 US early-stage solar asset deals announced in 2024, covering 8,939 MW, and only one of them carries a disclosed value.
What did Pine Gate buy from Redeux?
Pine Gate bought three early-stage solar projects in Mississippi with a combined capacity of 450 MWdc. MWdc measures the direct current rating of the solar panels. It is usually higher than MWac, the alternating current a project can deliver to the grid after its inverters, so a 450 MWdc portfolio will export somewhat less than 450 MW.
The projects entered the queue of the Midcontinent Independent System Operator, or MISO, in 2022. An interconnection queue is the waiting list a project joins to secure a connection to the grid. Joining is an early step. Projects can wait years and often drop out before reaching an agreement.
The deal value was not disclosed. Marathon Capital acted as exclusive financial advisor to Redeux.
What is Redeux trying to do with its pipeline?
Redeux is running a repeatable sales process rather than a one-off disposal. It brought a solar portfolio of more than 1.7 GWdc to market in late 2023. The Pine Gate deal is the first sale from that portfolio, and at 450 MWdc it covers about a quarter of it.
The company says it plans to bring additional multi-GW portfolios to market every year. It describes a systematic development process, its own tool set and a platform led by its management team as the basis for that. Its project pipeline totals about 7 GW of solar and 7 GWh of storage across ERCOT, MISO, SERC and WECC.
That model depends on selling early. Redeux takes projects from site to queue position, then hands them to buyers with the capital to carry them through permitting, offtake contracts and construction. Leap records a second Redeux sale four months later: the 200 MW Bluegrass Green solar project with 40 MW of storage, sold to Scout Clean Energy in October 2024, also in MISO and also undisclosed.
Why does Pine Gate want early-stage Mississippi solar?
Pine Gate had just raised money to grow. In April 2024, six weeks before this deal, it secured a $650 million investment from Generate Capital, HOOPP and HESTA to support an additional 3 GW of US renewable infrastructure by 2025. Buying a ready-made early-stage portfolio is one way to put that capital to work quickly.
Early-stage assets are also the cheapest way to add pipeline. A buyer pays mostly for site control and a queue position. It then takes the development risk itself, along with most of the upside if the projects are built.
MISO-South, which covers Mississippi, has drawn other buyers on the same logic. Treaty Oak Clean Energy went back to Galehead Development for a second MISO-South solar project in January 2024. Pine Gate's deal is the only Mississippi solar acquisition Enerdatics records between January 2023 and June 2025.
What do early-stage US solar projects sell for?
Almost no one says. Enerdatics' data shows 38 US early-stage solar asset deals announced between January 2023 and June 2025, and only five carry a disclosed value. In 2024 alone, Enerdatics records 15 such deals covering 8,939 MW, and only one has a price.
The wider MISO picture shows why prices vary so much. Enerdatics records 38 acquisitions of under-development solar assets in MISO over the same period. The priced ones fall into two groups. Utilities buying projects close to construction, often under build-transfer agreements, pay well over $1 million per MW: Ameren paid about $250 million for the 195 MW Cass County project, around $1.28 million per MW, and WEC Energy Group and MGE Energy paid $649 million for the 465 MW Koshkonong project, around $1.40 million per MW. Other purchases price far lower. Otter Tail Power paid $11 million for the 295 MW Abercrombie project, about $0.04 million per MW.
The closest match to Pine Gate's purchase is Adapture Renewables' December 2023 acquisition of three MISO solar projects from TED Renewables. That portfolio was also 450 MWdc, or 333 MWac, and it sold for $66.6 million, about $0.20 million per MWac. It is the nearest priced reference for a three-project, 450 MWdc MISO solar portfolio, though it does not reveal what Pine Gate paid.
What does the deal signal for US solar development?
It signals that the US solar market is splitting into originators and builders. Companies like Redeux specialise in finding sites and securing queue positions, then sell on. Companies like Pine Gate, with fresh equity behind them, buy those positions and take projects through to operation. Redeux's stated plan to sell multi-GW portfolios every year turns that split into a business model.
It also signals that early-stage pricing will remain largely invisible. With one priced early-stage solar deal in 2024 out of 15, buyers and sellers are negotiating without public benchmarks. The rare disclosed comparables, such as Adapture's $0.20 million per MWac, carry a lot of weight.
Frequently asked questions
What did Pine Gate Renewables buy from Redeux Energy? Pine Gate bought a 450 MWdc portfolio of three early-stage solar projects in Mississippi, announced on 10 June 2024, with the price undisclosed.
Is the Pine Gate deal part of a larger Redeux sale? Yes. It is the first divestment under Redeux's plan to sell an over 1.7 GWdc portfolio brought to market in late 2023.
Who advised Redeux Energy on the Pine Gate sale? Marathon Capital acted as Redeux Energy's exclusive financial advisor.
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