Canada-headquartered solar manufacturer Heliene will supply up to 250MW of its modules to commercial and industrial (C&I) PV developer Altus Power as part of a new strategic partnership between the companies.
Featuring mono PERC cells, Heliene’s modules will be produced at the firm’s Minnesota manufacturing facility, which has recently been expanded with a new 400MW production line.
Against a backdrop of supply chain bottlenecks and trade volatility, Connecticut-based Altus Power said the three-year agreement will enable it to continue delivering solar projects across the US.
“Domestic-made equipment and materials are becoming an increasingly important component of our procurement efforts and this supply certainty will be significant to our total module requirements,” said Tony Savino, co-founder and chief construction officer of Altus Power.
Altus Power has also committed to invest up to US$5 million in Heliene as part of the manufacturer’s anticipated initial public capital raise in connection with its proposed reverse takeover transaction with capital pool company Buzz Capital 2 and listing on Canada’s TSX Venture Exchange.
Altus itself began listing on the New York Stock Exchange in December following a merger earlier in the year with a special purpose acquisition company that valued the solar developer at US$1.58 billion.
With three manufacturing facilities – in Ontario, Minnesota and a new plant in Florida – Heliene’s total manufacturing capacity is expected to reach 900MW by Q3 2022.
Speaking with PV Tech Premium in September, Heliene CEO Martin Pochtaruk said the company has been buoyed by the Biden administration’s efforts to accelerate solar deployment in the US.
Other US module manufacturing announcements in recent months have seen heterojunction cell and module manufacturer Meyer Burger unveil plans for a 400MW plant in Arizona, while NanoPV is looking to invest more than US$36 million on a facility in Georgia.