Pine Gate Taps Nofar’s $285 Million Cash Bid for Bankruptcy Sale

Pine Gate Renewables has chosen a Nofar Energy subsidiary’s $285 million cash offer to purchase a large swath of the firm’s solar and battery storage assets out of bankruptcy.

The bid by Nofar USA Energy Investments and Management LLC was selected over an initial starting bid by secured lender Summit Infrastructure LLC, an investment fund managed by Carlyle Global Credit Investment Management LLC, Pine Gate said in a notice filed Tuesday in the US Bankruptcy Court for the Southern District of Texas.

Summit will serve as the backup bidder if the Nofar deal falls through. The sale requires bankruptcy court ...