The Helios Infrastructure fund, a JV between Sol Systems and Nationwide, has completed the financing and construction of its first PV portfolio.
The entire 48.4MW pipeline, comprised of eight projects in North Carolina, is now in service and can generate enough energy to power 3,890 homes per year.
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These eight PV installations stand as part of a larger 135MW pipeline acquired by Helios from Cypress Creek Renewables back in September 2018 that is currently under development.
Jessie Robbins, senior director of structured finance at Sol Systems, said: “This is a key first step in our efforts to develop a multi-state solar infrastructure portfolio. This portfolio was delivered on time and on budget, despite the inevitable challenges along the way. We greatly appreciate our finance and development partners, who worked collaboratively with us to navigate a complex portfolio in an ever-changing market.”
Seminole Financial Services was the construction lender for the projects, US Bank was the tax equity provider, while Live Oak Bank was the permanent lender for the portfolio. Cypress Creek developed and built the eight projects and will provide operations and maintenance support going forward.
These eight PV installations stand as a US$74.1 million capital investment into rural North Carolina communities, while nearly 400 construction jobs were created during the development phase of these sites.