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.
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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.
