Heliene, TEP Partner on Expanded U.S. Solar Manufacturing Capacity

Heliene has closed on a $54 million strategic equity investment from Transition Equity Partners (TEP) in collaboration with a consortium of limited partners, including affiliates of Hamilton Lane. 

The investment from TEP follows the $170 million in capital that Heliene raised last year from Orion Infrastructure Capital and several of Heliene’s customers.

This capital infusion is slated to support the development of a new 550 MW production line in Rogers, Minn., raising the company’s total U.S. based manufacturing capacity to 1.5 GW annually. The company’s partners underpinning the expansion include a 2 GW supply agreement with Excelsior Energy Capital and a 1.5 GW supply agreement with Nexamp.

Leveraging the IRA, Heliene has partnered with Suniva for domestic-made solar cells starting this year, SOLARCYCLE for domestic-made solar glass, OMCO Solar as a domestically produced racking partner, Premier Energies to pursue a cell manufacturing JV and NorSun for domestic wafer production.

“This investment from Transition Equity Partners is a key milestone in Heliene’s growth journey,” says Martin Pochtaruk, CEO of Heliene.

“It empowers us to expand our capacity to deliver high-quality, bankable, domestically produced solar modules that power the clean energy transition. We are proud to play a pivotal role in strengthening North America’s renewable energy supply chain and contributing to the global energy transition.”

Stifel served as exclusive financial advisor to Heliene in connection with the entire transaction.