Trent River Solar Project located near Pollocksville, North Carolina will create approximately 300 jobs during the construction and operation and could provide enough energy to power approximately 15,000 homes in the first year. Pine Gate Renewables developed the project with Silver Pine Energy Holdings as part of their recent joint venture partnership.

“To develop this project as part of our partnership with Silver Pine Energy Holding is particularly meaningful as it’s in our backyard, our home state of North Carolina,” said Ben Catt, CEO of Pine Gate Renewables. “We’re also excited to be one of the first projects to come online via Duke Energy’s CPRE Program. Expanding locally-generated renewable energy is why we exist, and we’re thankful for all our partners in this new venture.”

The Trent River Solar project will sell electricity to Duke Energy Progress under a 20-year power purchase agreement that was arranged under the North Carolina Competitive Procurement of Renewable Energy Program.

“To Jones County this is a significant investment which will increase our tax base for that area. There will also be certain local jobs created while the project is being built out. This was the first project to go through the process of complying with the Solar Energy Facility ordinance,” said Franky Howard, Jones County Manager.

CIT Group’s Power and Energy unit served as lead arranger on the $126 million financing for the Trent River Solar Project.

“We’re proud to expand our growing relationship with Pine Gate Renewables by arranging this financing,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “Pine Gate is a recognized leader in the field of utility-scale solar and we look forward to continuing to support their project financings in the future.”

Most of Jones County is rural farm land. The local economy is supported mostly by farming.

“Jones County is thankful that this is just another option for local landowners to make the best out of their property investments,” said Howard.