Canadian PV manufacturer Heliene has secured US$170 million to grow its existing module assembly plant with two new 300MW lines.
The funding included US$150 million of credit facility provided by North American infrastructure investment firm Orion Infrastructure Capital (OIC). In addition to the US$20 million in equity participated by OIC, Canadian private investment company 2Shores Capital, renewables companies Valta Energy and Bullrock Renewables.
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Last year, Heliene expanded its North American manufacturing capacity by opening an additional 500MW plant at its existing facility in Minnesota. This new capital commitment will enable Heliene to expand that facility with two new 300MW lines.
Apart from supporting its capacity expansion, the new funding will also support the 1.5GW module supply deal with US community solar developer Nexamp, offering modules at Nexamp’s community solar sites over the next five years. The modules will be produced at Heliene’s Minnesota facility, which is currently expanding to reach 1.5GW of module production capacity by next year and 1GW of cell production in 2025.
“This new capital from OIC, Bullrock, Valta and 2Shores enables us to strengthen our manufacturing capacity to meet the high demand for our domestically-produced solar modules. The commitment from this group of investors has affirmed the value of Heliene’s leading position in the North American solar market,” said Heliene CEO Martin Pochtaruk.
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