September 18 (Renewables Now) - A joint venture between US companies Sol Systems and Nationwide Insurance has agreed to acquire a 135-MW portfolio of solar projects in North Carolina from Cypress Creek Renewables.
The framework agreement was signed by Helios, a jointly-owned infrastructure fund that the two companies launched earlier this year. “This transaction puts Helios on track to meet its objectives for the coming year and beyond,” Sol System’s CEO Yuri Horwitz said in a statement on Friday.
Helios was set up in February to develop, build and own utility and commercial solar assets. Its approach is based on acquiring projects in the final stages of their development, with its initial goal being to amass a 330-MW-plus portfolio of solar assets across the US in 12 months.
In addition to the deal with Cypress Creek Renewables, Helios will continue to look to buy further portfolios of utility development projects across the US, the owners of the joint venture announced.