Solar manufacturer Heliene secures USD 170m to back growth

Canadian solar panel maker Heliene Inc on Tuesday said it has secured USD 170 million (EUR 159m) to support its North American expansion.

The funding round, including USD 20 million in equity and USD 150 million of debt, was led by key partners and customers of the company.

Heliene last year opened an additional 500 MW plant at its existing facility in Mountain Iron, Minnesota. The new financing will now allow it to add two new 300-MW lines at that facility and enhance workforce development in 2023. This year, the company plans to employ about 300 team members in Minnesota and 200 in Ontario, according to the announcement.

The manufacturer will further aim to increase its US capacity from 1.1 GW to 2 GW by the end of 2024.

The financing announcement follows recent news that Heliene has secured an order from Nexamp to supply 1.5 GW over five years for community solar projects.

The USD-150-million loan was provided by North American infrastructure investment firm Orion Infrastructure Capital (OIC). The equity investments came from OIC, Ontario-based private investment company 2Shores Capital, as well as two existing Heliene customers -- Valta Energy and Bullrock Renewables.

“We are excited to partner with Heliene to help accelerate its expanded production of modules in both Minnesota and Ontario,” Ethan Shoemaker, investment partner and head of Infra Credit at OIC, said, adding that the deal is in line with “OIC’s goal to champion sustainable infrastructure and to support re-shoring of domestic manufacturing in key industries.”

(USD 1 = EUR 0.933)

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