The White House behind an iron fence with a U.S. flag on top at full mast – Douglas Rissing/Getty Images
One of the largest renewable energy developers has filed for bankruptcy, and it’s blaming President Trump and his administration for the situation. North Carolina-based Pine Gate Renewables filed for Chapter 11 bankruptcy protection in Texas on November 6, 2025. Despite serving 38 states with commercial and utility solar power, Pine Gate struggles with liquidity issues, and Trump administration’s anti-clean energy position has driven the company into bankruptcy.
“Legislative and regulatory challenges have significantly slowed solar power development,” the company said in a statement to the court, via TheStreet. The narrow passage of Trump’s “One Big Beautiful Bill Act” has impacted everything from the “senior deduction” for those eligible, to Social Security benefits still being taxed, to cuts to SNAP benefits in Oregon and other states.
Pine Gate’s court statement highlighted how the Big Beautiful Bill’s slashing of tax credits for the energy sector and limitations on using equipment from “foreign entities of concern” — like China — had put pressure on Pine Gate. Trump’s rollback of United States-based clean energy has resulted in cut subsidies and tighter regulations, and a host of solar companies are filing for bankruptcy.
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A hilly field filled with solar panels and some wind turbines on a bright day – Soft grass/Shutterstock
Pine Gate lists between $1 billion and $10 billion in assets and liabilities in its Chapter 11 paperwork. The renewables company’s top creditors include The Carlyle Group and Brookfield Asset Management; Pine Gate owes $150 and $300 million to them, respectively. Pine Gate plans to maximize value for shareholders during the court-supervised sale of the company’s assets without interrupting its services. Pine Gate intends to sell all of its assets while continuing operations at its 100 facilities. Top lenders to Pine Gate will act as “stalking horse bidders” for the operations and asset portfolio related to their own credit. Another secured lender will purchase Pine Gate’s independent power producer, and 10 GWdc of new project capacity, under safe harbor.
Ben Catt, Chief Executive Officer of Pine Gate, said in a statement from the company (via PR Newswire) that the decision to file was “strategic.” “With significant financial support from certain of our current lenders, we’re confident that we will successfully conduct a competitive sales process that reflects the inherent value of our nationwide portfolio of solar and energy storage projects,” Catt noted.