Heliene closes US$50 million tax credit deal to support US manufacturing plans

September 30, 2024
Facebook
Twitter
LinkedIn
Reddit
Email
Heliene’s US$50 million tax credit deal will support its manufacturing expansion plans in the US. Image: Heliene.

North American PV producer Heliene has closed a tax credit transfer sale worth US$50 million that it plans to invest in developing its cell and module manufacturing footprint in the US.

The Canada-headquartered firm is expanding its presence in the US, where section 45X of the Inflation Reduction Act (IRA) enables manufacturers to monetise tax credits linked to domestically produced PV hardware.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Heliene already produces modules at its factory in Mountain Iron, Minnesota, and is building a module factory in Minneapolis, which is due to open in May 2025. In addition to modules, the company also plans to produce cells in its new US plant.

“Monetising our 45X tax credits through this sale is instrumental in continuing the growth of Heliene’s domestic manufacturing capacity,” said Martin Pochtaruk, CEO of Heliene. “This transaction provides long-term sustainability, hence enabling us to expand our commitment to offering developers reliable, quality modules that feature the highest possible volume of domestic content.”

A boost to US cell manufacturing

Although the provisions of the IRA legislation have led to an uptick in the amount of module manufacturing proposed in the US, Heliene is one of few manufacturers to have announced plans to expand its cell capacity in particular.

Earlier this year, Heliene revealed plans for a joint venture with the Indian cell manufacturer Premier Energies for a 1GW cell production facility in the US. Heliene has also entered into an agreement with Norwegian firm NorSun, under which NorSun will supply Heliene with US-made wafers for its new cell facility.

The company is further bolstering its domestic supply chain through a deal to source 4GW of recycled solar glass from Solarcycle over the next five years.

Read Next

December 8, 2025
Norwegian renewable energy firm Scatec has signed equity deals for a massive solar-plus-storage project in Egypt and begun operations at a site in South Africa.
December 8, 2025
The Colombian government has created Gecelca Solar, a solar PV-focused arm of its public utility company Gecelca.
December 8, 2025
Proper training and adherence to best field practices are necessary to halt the steady trend of PV connector failures resulting from poor workmanship, write Brian Mills and Grayson Maurer.
December 8, 2025
Swedish independent power producer (IPP) Alight Energy has commissioned a 215MW agrivoltaics project in Denmark.
December 5, 2025
Origis Energy has raised US$265 million in finance from Advantage Capital to support the development of a 305MW solar PV portfolio in the US.
December 5, 2025
Over 140 US solar companies have urged Congress to reconsider changes to permitting which they say have resulted in “a nearly complete moratorium” on solar project permits.

Upcoming Events

Upcoming Webinars
December 17, 2025
2pm GMT / 3pm CET
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 24, 2026
Dallas, Texas
Solar Media Events
April 15, 2026
Milan, Italy
Solar Media Events
June 16, 2026
Napa, USA