On November 6, 2025, Pine Gate Renewables, one of the largest solar energy development companies in the United States, officially filed for bankruptcy protection. The bankruptcy report showed that Pine Gate had debts of $4.4 billion, while its cash reserves were only $8.5 million.

Founded in 2016, Pine Gate initially adopted an integrated model, handling the entire process of development, financing, construction, and operation as a single company, which attracted capital and enabled rapid growth.

In 2021, Pine Gate underwent a key restructuring, divesting its asset-heavy construction division and establishing a subsidiary, Blue Ridge Power, to focus on engineering and construction, while transforming itself into an asset-light financing and development company.

This restructuring further enhanced Pine Gate's attractiveness to capital, and coupled with the Biden administration's signing of the Inflation Reduction Act in 2022, Pine Gate's growth accelerated once again.

In June 2022, Pine Gate received $500 million in investment from Generate Capital;

At the end of 2023, Pine Gate received $150 million in investment from Carlyle Group;

In April 2024, Pine Gate completed a $650 million financing round;

In October 2024, Pine Gate received $288 million in investment from Blackstone;

In March 2025, Pine Gate received a $300 million loan from Bofeng Capital.

Driven by well-known investment institutions, Pine Gate became a highly sought-after financing target for US photovoltaic companies between 2022 and 2025. Data shows that as of August 2025, Pine Gate's total project financing and capital investment reached $10 billion, primarily due to its over 30GW pipeline of renewable energy projects.

However, after the Trump administration took office, significant reductions in industry subsidies rendered Pine Gate's previously profitable renewable energy projects unsustainable, abruptly halting its financing efforts and causing a continuous drain on its cash flow.

After months of struggle, Pine Gate ultimately succumbed to the "winter" in the US renewable energy industry and officially filed for bankruptcy protection.

Of course, like other US photovoltaic companies before it, Pine Gate is not the first company to fall in this US renewable energy "winter," nor will it be the last.