Fundamental Advisors launches sale of ex-Pine Gate assets
Fundamental Advisors has kicked off a sale process for a 3.6 GW (ac) portfolio of solar and battery storage projects that were formerly owned by Pine Gate Renewables.
The 22 projects are part of MorningSky Power, a developer that Fundamental recently set up to manage development projects it acquired from Pine Gate through a bankruptcy process.
Fundamental is not using a financial advisor, PeakLoad has learned.
Officials at Fundamental and MorningSky Power did not respond to emails and calls.
The portfolio comprises 20 solar projects across PJM, SERC, ERCOT, MISO and WECC, plus two battery storage projects located in MISO and WECC.
Two of the solar projects, a 40 MW (ac) facility in the PJM-Dominion zone in Virginia, and a 35 MW (ac) facility in the SERC market in North Carolina are expected to be placed in service in 2027.
The remainder of the portfolio has anticipated placed-in-service dates of 2028-2029.
The largest project in the portfolio is a 398 MW (ac) solar facility in Colorado that is expected to be placed in service in 2029.
In addition to the solar projects, MorningSky is looking to sell a 143 MW, four-hour battery project in Illinois (MISO); and a 200 MW, six-hour battery project in Colorado (WECC).
MorningSky Power is led by CEO Jon Saxon, formerly chief development officer at Pine Gate.