Energy company serving 38 states files Chapter 11 bankruptcy

President Donald Trump has spoken out against solar and wind power. Some subsidies have been taken away. The company will continued to operate under Chapter 11 bankruptcy protection.

President Donald Trump has been a noted critic of wind-powered and solar energy.

“I don’t like wind. The wind blows, then it doesn’t blow. The things cost a fortune, they’re made in China, they kill the birds,” Trump told Sean Hannity on Fox News. “They’re horrible. We don’t want windmills in this country.”

He also went after solar power in the same interview.

“You know what else people don’t like?” the President continued, uninterrupted. “Those massive solar fields built over land that covers 10 miles by 10 miles. I mean, they’re ridiculous, the whole thing.”

The president also shared a not-quite-true fact about solar panels.

“By the way, you know where the panels come from?” he added. “100% of the solar panels come from China.”

Most solar panels are imported, but the United States has been increasing production due to a law passed under former President Joe Biden.

"As a testament to the effectiveness of the Inflation Reduction Act (IRA), domestic solar module manufacturing capacity has nearly quintupled since 2022 — courtesy of new or expanded factories in Alabama, Florida, Georgia, Ohio, and Texas that benefited from the law’s tax credits," Canary Media reported.

Trump's positions on solar power, however, have made operating in that space more challenging. That has led to a major Chapter 11 bankruptcy filing in the space.

"Solar power generator Pine Gate Renewables has filed for bankruptcy, the largest renewables developer to collapse in the aftermath of U.S. President Donald Trump’s cuts to solar and wind tax credits. The North Carolina-based company filed for Chapter 11 bankruptcy protection proceedings in Texas on Thursday (Nov. 6)," Electricity Info reported.

Trump-era solar and wind tax credit cuts:

Phase-out of federal credits: Solar and wind projects that begin construction after July 4, 2026, must be placed in service by Dec . 31, 2027, to qualify for the federal investment (ITC) and production tax credits.
Source: stblaw.com Tightened “safe harbor” rules: Large solar and all wind projects now must show physical construction activity; merely spending 5% of project costs no longer qualifies.
Source: powermag.com Restrictions on foreign supply: Projects using materials or components from “foreign entities of concern” may be disqualified from credits.
Source: stblaw.com Impact on the industry: Many planned solar and wind projects post-2026 may lose eligibility for tax credits, delaying or halting new renewable installations.
Source: Utility Dive Other clean energy types: Hydropower, geothermal, and nuclear are less affected, with more gradual phase-outs compared to solar and wind.
Source: CNBC

Story Continues

Pine Gate Renewables files Chapter 11 bankruptcy

Pine Gates Renewables, which operates in 38 U.S. States, filed for Chapter 11 bankruptcy protection on Nov. 6.

The company shared that it is "pursuing a strategic and value-maximizing sales process for substantially all of its assets and business operations. Pine Gate's operations will continue uninterrupted while the company continues to engage in a competitive sales process with multiple interested parties to transition ownership of its solar and energy storage project fleet while preserving jobs and maximizing value," according to a press release.

To support this process, Pine Gate has secured financing commitments from some of its current lenders that will be used to support operations, including the advancement of projects in development and under construction.

As part of the financing, Pine Gate is entering into a series of agreements with its lenders, including:

Agreements with certain secured lenders, to sell certain of Pine Gate's solar operating (and near completion) projects and development assets that secure each such lender's respective financing facilities.
Each such lender will serve as the "stalking horse bidder" for their respective asset portfolio, subject to higher or otherwise better offers for such assets or the Company; and An agreement with another secured lender, to sell Pine Gate's independent power producer platform and substantially all of its development pipeline, which includes ~10 GWdc of safe harbored new project capacity.
The lender will serve as the "stalking horse bidder" for these assets and the platform, subject to higher or otherwise better offers for such assets or the Company.

ACT Power Services, the Company's wholly-owned operations and maintenance provider, is not part of the Chapter 11 process. Pine Gate is, however, in active discussions with multiple interested parties to identify a value-maximizing sale transaction for that business.President Trump has made it harder for solar companies to operate.Shutterstock

Pine Gate puts blame on White House

Pine Gate blames the president's laws at least partially for its problems, according to the court statement.

"Trump’s so-called Big Beautiful Bill cut the sector’s tax credits and placed strict limits on sourcing equipment from 'foreign entities of concern; such as China,'" Pine Gate said, according to the Financial Times.

“Legislative and regulatory challenges have significantly slowed solar power development,” it said.

More Bankruptcy:

Hollywood movie and TV company files for Chapter 11 bankruptcy Major seafood company files for Chapter 11 bankruptcy Women’s fashion company files Chapter 11 bankruptcy

The overall marketplace for renewable energy and solar has gotten more challenging under the Trump administration.

“During the IRA days, pretty much anyone was willing to lend capital against anyone building projects,” Pol Lezcano, director of energy and renewables at CBRE, a real estate services and investment firm, told the Financial Times.

“That results in developer pipelines that may or may not be realistic.”

Pine Gate Renewables Chapter 11 facts:

The company filed for Chapter 11 bankruptcy in Texas under case number 25‑90669. It listed both assets and liabilities in the range of $1 billion to $10 billion. Major creditors include Brookfield Asset Management (about $300 million) and The Carlyle Group (about $150 million). The company cited regulatory changes, policy shifts (including tax‑credit changes for solar and wind) and reduced investor interest as reasons for severe liquidity strain. Despite filing, Pine Gate intends to continue operations and sell its assets and development pipeline (which includes over 100 solar projects and 30 GW potential capacity).
Source: PacerMonitor

This story was originally reported by TheStreet on Nov 8, 2025, where it first appeared in the Retail section. Add TheStreet as a Preferred Source by clicking here.

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