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.

16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2028 and beyond.
13 October 2026
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 13-14 October 2026 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023, 2024 and 2025 were a sell out success and 2026 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

May 7, 2026
Neoen has brought its 440MWp Culcairn Solar Farm online in NSW, marking the completion of the company's second-largest solar asset globally.
May 7, 2026
Nova Energy & Meridian Energy have marked the installation of the first modules at the 400MW Te Rahui Solar Farm in Rangitāiki in New Zealand.
May 6, 2026
A report has found measurable improvements in the performance of technologies used for recycling crystalline silicon and thin-film PV modules.
May 6, 2026
US IPP Longroad Energy has started commercial operations at its Sun Pond solar-plus-storage project in the US state of Arizona.
May 6, 2026
Solar PV and wind are now the cheapest power sources globally, with hybrid systems increasingly delivering 24/7 electricity at fossil-competitive costs, according to an IRENA report.
May 6, 2026
Scatec has established an equity partnership with the National Bank of Egypt for its Obelisk 1.1GW solar and 100MW/200MWh BESS project.

Upcoming Events

Solar Media Events
May 20, 2026
Porto, Portugal
Upcoming Webinars
May 27, 2026
9am BST / 10am CEST
Media Partners, Solar Media Events
June 3, 2026
National Exhibition and Convention Center (Shanghai)
Solar Media Events
June 16, 2026
Napa, USA
Media Partners, Solar Media Events
August 25, 2026
São Paulo, Brazil