Heliene, a leading North American solar PV module manufacturer, has announced the closing of a strategic equity investment of up to $54 million from Transition Equity Partners (TEP) in collaboration with a consortium of limited partners, including affiliates of Hamilton Lane.
The funding will support the expansion of Heliene’s industry-leading operations. These have served the North American solar market through multiple market cycles over the past 14 years, making Heliene one of the longest-tenured solar manufacturers in North America. This strategic investment from TEP follows the $170 million in capital that Heliene raised in 2023 from Orion Infrastructure Capital (OIC) and several of Heliene’s key customers.
This funding will support the development of a new 550MW production line in Rogers, MN, and the creation of 150+ new full-time jobs at the facility. Heliene’s MN #3 manufacturing line will boost the company’s total U.S.-based manufacturing capacity to about 1.5GW per year.
Heliene has industry-leading partners underpinning this expansion, including a 2.0GW supply agreement with Excelsior Energy Capital and a 1.5GW supply agreement with Nexamp. U.S. Secretary of Energy Jennifer M. Granholm touted this investment as one that would boost American manufacturing and create American jobs, while lowering families’ energy bills.
By utilizing the Inflation Reduction Act, Heliene is set to capitalize on the 45X production tax credit, whilst Heliene’s customers can unlock significant incremental value through the Domestic Content Adder (DCA). And this creates strong tailwinds for Heliene, while also offering its customers a decisive competitive edge in the renewable energy market. Heliene has leveraged the IRA to build a leading domestic solar supply chain, partnering with Suniva for US-made solar cells starting in Q3 2024, SOLARCYCLE for US-made solar glass, OMCO Solar as a domestically produced racking partner, Premier Energies to pursue a cell manufacturing JV and NorSun for domestic wafer production among other initiatives to expand the United States solar supply chain and energy security.
TEP believes Heliene’s track record and strategic positioning make them particularly compelling among US solar companies.
Stifel served as the exclusive financial advisor to Heliene during the whole transaction.
KEY QUOTE:
“This investment from Transition Equity Partners is a key milestone in Heliene’s growth journey. It empowers us to expand our capacity to deliver high-quality, bankable, domestically produced solar modules that power the clean energy transition. We are proud to play a pivotal role in strengthening North America’s renewable energy supply chain and contributing to the global energy transition.”
-Martin Pochtaruk, CEO of Heliene
“Heliene’s operational excellence and strong market position, combined with the support of the Inflation Reduction Act, make this a rare opportunity to invest in U.S. solar manufacturing at an attractive entry point. Our investment reflects our confidence in Heliene’s leadership and its growth potential as the demand for clean energy continues to surge.”
-Michael Allison, Partner at TEP
