Brookfield Acquires Solar Developer Pine Gate’s Assets in Bankruptcy Sale

Paul, Weiss advised Brookfield Asset Management in connection with the chapter 11 cases of solar energy developer Pine Gate Renewables, including Brookfield’s acquisition of certain Pine Gate assets. Under the terms of the transaction, Brookfield purchased the equity of several Pine Gate subsidiaries, which comprise 22 solar projects. The bankruptcy cases of such subsidiaries were dismissed on April 17. Paul, Weiss also advised Brookfield in its role as lender for one of Pine Gate’s three separate debtor-in-possession loans totaling $1.7 billion.

Pine Gate filed its chapter 11 petition in November with approximately $1.4 billion in corporate-level funded debt, citing elevated interest rates, inflation and regulatory changes in the solar sector. U.S. Bankruptcy Judge Christopher M. Lopez of the Southern District of Texas approved the $1.7 billion in DIP financing and approved Brookfield’s bid for Pine Gate’s assets in December.

The Paul, Weiss team included restructuring and debt capital solutions partners Brian Hermann, Brian Bolin and Robert Britton, and counsel Douglas Keeton; corporate partners Michael Spirtos, Ravi Purohit and Charles Pesant; tax partners Robert Holo and Anne McGinnis and counsel Daniel Bleiberg; intellectual property partner Jonathan Ashtor; litigation partner William Clareman and counsel Audrey Paquet; executive compensation partner Lawrence Witdorchic; environmental partner Stefanie Gitler; and antitrust counsel John Magruder.