Canadian Company Lands Funding For Manufacturing

Canada’s Heliene Bags $170 Million To Add 600 MW To US Solar Module Production Capacity

Canadian Company Lands Funding For Manufacturing

Heliene is expanding its US manufacturing capacity to 2 GW by 2024-end and to support these plans it has now raised $170 million. (Illustrative Photo; Photo Credit: IM Imagery/Shutterstock.com)

  • Heliene has secured $170 million in funding to expand its US module production capacity  
  • It will enable the manufacturer to add 2 new 300 MW lines at the Minnesota plant and increase local workforce  
  • Valta Energy and Bullrock Renewables, Heliene’s existing customers, joined the funding round  

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.   

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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