Clean Energy | September 12, 2023

Canada’s Heliene raises $170 million in equity and debt for US solar plants

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, September 12 — Demand is surging for solar cells that are manufactured closer to home to reduce shipping costs, speed delivery, and qualify for tax credits under the Inflation Reduction Act.

Ontario-based Heliene has built “low human-touch, highly robotized” factories in the US and Canada. “The well-designed incentives and the industrial policy included in the IRA will drive continued growth of solar projects,” said Heliene’s Martin Pochtaruk.

The company has raised $170 million in a financing bundle that includes a $150 million line of credit from infrastructure investor Orion Infrastructure Capital, which also backed Heliene’s $20 million equity round alongside 2Shores Capital, Valta Energy and Bullrock Renewables.

Solar factory

Last month, Heliene agreed to sell Boston-based community solar developer Nexamp 1.5 gigawatts of solar modules to be produced in Mountain Iron, MN. The modules will supply 400 community solar projects serving over a quarter million households, Nexamp said, making it one of the largest purchases of community solar modules in US history.

Heliene’s new financing and federal tax credits will help it build the 500-megawatt plant in Minnesota, which the company expects to create 300 green jobs. Heliene hopes to reach two gigawatts of manufacturing capacity next year.