Fundamental Advisors, an alternative asset manager focused on municipal, public purpose and community assets, announced the launch of MorningSky Power, a renewable energy platform formed to develop and operate utility-scale solar and energy storage projects across the U.S.
MorningSky will be headquartered in Asheville, North Carolina, and will operate across 27 states with a portfolio comprising 117 development projects.
The newly established company will serve as a developer and owner-operator of utility-scale renewable energy and battery storage projects across the United States, leveraging deep industry partnerships and technical expertise to accelerate the delivery of reliable power capacity.
MorningSky currently has approximately 20 GW of solar and battery storage capacity under development and will focus on advancing priority utility-scale projects through late-stage development, permitting, interconnection, and financing.
As part of the launch, the company has extended employment and consulting offers to 46 highly capable and experienced members of the former Pine Gate development team.
Fundamental also announced the sale by Pine Gate of Sunstone Power, a 1.2-gigawatt solar and battery storage project in eastern Oregon, and ACT Power, Pine Gate’s Operations and Maintenance business. In total, Fundamental is expected to receive $88 million in proceeds from the sales.
“The launch of MorningSky reflects our commitment to disciplined, scalable development at a moment when the nation’s power demands are rising at a faster rate than new capacity can come online,” said Laurence Gottlieb, Chairman and Chief Executive Officer of Fundamental Advisors, in a statement. “By creating a focused platform with the expertise and flexibility to develop high-quality, utility-scale projects, Fundamental is positioned to help deliver critical renewable power generation for our partners, communities, and the broader economy.”
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