U.S.-based solar and storage solutions company Pine Gate Renewables has filed proceedings under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas and will pursue plans to sell its assets.

The company announced that it is pursuing a strategic and value-maximizing sales process for substantially all of its assets and business operations.

“Pine Gate’s operations will continue uninterrupted while the company continues to engage in a competitive sales process with multiple interested parties to transition ownership of its solar and energy storage project fleet while preserving jobs and maximizing value,” it said in a release.

Pine Gate has secured financing commitments from some of its current lenders that will be used to support operations during this process, including the advancement of projects in development and under construction.

The company is entering into an agreement with a secured lender to sell its independent power platform and all of its development pipeline, which includes 10 GW of safe-harbor new project capacity.

Pine Gate is also signing agreements with secured lenders to sell some of its solar operating and near-completion projects, as well as development assets.

It expects to complete the marketing and sales process, which will provide interested parties the opportunity to submit competing bids for the company and its assets, in approximately 45 days.

Ben Catt, Chief Executive Officer at Pine Gate, said the company is committed to supporting its project partners across its more than 100 operational solar facilities.

In May, Pine Gate awarded Waaree Solar Americas an order to supply 586 MW of solar modules, valued at $176 million.

In 2024, Pine Gate was the top venture capital-funded solar company, receiving $650 million, according to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report.

Several clean energy companies in the U.S., such as Sunnova, Meyer Burger, and Powin, have initiated bankruptcy proceedings in recent months.