Sol Systems-backed JV completes acquisition of 20 North Carolina solar projects

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Ruff Solar, a 32MW site that went online last month, is the largest project included in the purchase agreement. Image: Cypress Creek.

A joint venture between Sol Systems and financial services firm Nationwide has completed the purchase of 148MW of US solar assets from Cypress Creek Renewables.

Helios Infrastructure has acquired the portfolio of 20 solar projects located in North Carolina, 97MW of which are operational and 51MW are under construction. The largest project in the portfolio is Ruff, a 32MW solar site that went online last month.

In June 2018, Helios formed an agreement to purchase the portfolio of utility-scale solar projects under development by Cypress Creek. Since then, the joint venture has bought and closed financing on the projects on a rolling basis. Sale of the final 25MW in the portfolio was completed on 31 July 2020.

Upon completion, Cypress Creek O&M Services will provide operations and maintenance for all 20 projects.

“We value our partnership with Nationwide, as well as the opportunity to build on a long history of successful transactions with the Cypress Creek team, beginning with tax equity investments in 2015 and culminating in the completion of this master purchase,” said Jessica Robbins, senior director, structured finance, Sol Systems.

Since 2012, Nationwide and Sol Systems have financed more than US$700 million of solar projects in the US. The portfolio is primarily composed of utility-scale assets selling energy to utilities, municipal customers and universities. Helios leverages the origination, underwriting and asset management resources the two companies have established.

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