Canada-headquartered solar PV module manufacturer Heliene has raised $170 million in funding to back its production expansion plans in the US, soon after it landed a 1.5 GW supply agreement from Nexamp.
The Nexamp agreement was touted as the largest community solar module contract in the US to date (see North America Solar PV News Snippets).
Heliene will use the proceeds to expand its Mountain Iron, Minnesota fab by 2×300 MW lines and increase local manpower. At the same location, the manufacturer added 500 MW capacity in 2022.
These expansion plans are part of the company's ambition to grow its cumulative manufacturing capacity in the US from 1.1 GW now to 2 GW by the end of 2024.
Heliene stated, "With previous public funding from the State of Minnesota's Renewable Development Account, St. Louis County, MN as well as this new round, Heliene is well-positioned to increase its share of the North American solar manufacturing market in 2023 and beyond."
Funding includes $150 million credit facility from infrastructure investment firm Orion Infrastructure Capital (OIC) that has also contributed to $20 million equity along with private investor 2Shores Capital.
Heliene says its existing customers Valta Energy and Bullrock Renewables joined the funding round. Both the companies have also signed module supply agreements with the Canadian manufacturer.