German clean energy fund Hep Kapitalverwaltung AG has entered the US distributed solar market with an investment in regional developer ReNew Petra.
The German fund will invest $50 million to $80 million annually in the North Carolina-based developer, according to figures reported by Bloomberg on Wednesday,
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The partnership will allow the renewable energy construction and management company to develop 100MW of distributed solar annually and expand its reach beyond the south-eastern US.
The partnership marks a new chapter for Hep, which has developed and constructed €450 million (US$505 million) worth of solar projects worldwide. “Our partnership with ReNew Petra launches Hep’s new strategic endeavor in the US distributed solar market,” company founder Christian Hamann said in a news release on Wednesday. “We are excited about this new chapter for our investors.”
The new development entity will operate as Emerald Hills Holdings.
California-based advisory firm Zorya Energy Advisors advised Hep on the purchase.
