Pine Gate $285 Million Bankruptcy Asset Sale to Nofar Approved

Pine Gate Renewables LLC won court approval to sell a large portion of the company’s solar project assets out of bankruptcy to a Nofar Energy unit for $285 million, trumping a prior deal with Carlyle Group Inc.

Judge Christopher M. Lopez of the US Bankruptcy Court for the Southern District of Texas approved the Chapter 11 sale agreement Monday, calling it the “highest and otherwise best” offer presented for Pine Gate’s solar and battery storage assets that were used to collateralize Carlyle loans. Summit Infrastructure LLC, a Carlyle entity, will serve as a back-up bidder should the sale to Nofar ...