Heliene has secured a $54 million equity investment from TEP and also some affiliates of Hamilton Lane
It will help the manufacturer advance its 3rd manufacturing line in Minnesota with 550 MW capacity
Once commissioned, it will take the company’s annual manufacturing capacity in the US to 1.5 GW
North American solar PV manufacturer Heliene has secured $54 million in strategic equity investment from private equity firm Transition Equity Partners (TEP) to support the development of a new 550 MW production line at its Rogers factory in Minnesota.
This will be the company’s 3rd manufacturing line in Minnesota, expanding the company’s total US-based annual manufacturing capacity to 1.5 GW on completion. It is building a new module factory in the Minneapolis-St. Paul Metro area with a planned start-up of May 2025.
TEP has injected this capital into Heliene in collaboration with a consortium of limited partners, including affiliates of alternative investment manager Hamilton Lane.
Regarding the TEP investment, Heliene CEO Martin Pochtaruk said, “It empowers us to expand our capacity to deliver high-quality, bankable, domestically produced solar modules that power the clean energy transition.”
This follows the $170 million capital Heliene raised in 2023 from Orion Infrastructure Capital.
Recently, it announced a $50 million 45X Investment Tax Credit transfer sale, saying it will enable the company to lower debt and invest in expanding US cell and module manufacturing capacity plans.
Heliene has also partnered with India’s Premier Energies for a 1 GW n-type TOPCon solar cell manufacturing capacity to be built in the US (see Heliene & Premier Energies Collaborate For US Solar Cell Factory).