Helios Infrastructure fund projects produce enough power for nearly 4,000 homes
Today, Sol Systems announced that Helios Infrastructure fund, its joint venture with Nationwide, has completed the financing and construction of its first solar portfolio. The entire portfolio is now in service and includes eight projects in North Carolina totaling 48.4 MW, which is enough to power 3,890 homes per year.
These projects are part of a larger 135 MW acquisition announced last September that is currently under development. The acquisition itself is part of a broader set of portfolios the infrastructure fund plans to develop.
Launched in February 2018, Helios invests in utility-scale solar energy assets throughout the United States, combining tax-efficient sponsor capital, highly sophisticated financial structuring and environmental and electricity commodity expertise. Helios works closely with developers throughout the United States to co-develop, finance, and construct early-stage solar portfolios.
“This is a key first step in our efforts to develop a multi-state solar infrastructure portfolio,” said Jessie Robbins, Senior Director of Structured Finance at Sol Systems. “This portfolio was delivered on time and on budget, despite the inevitable challenges along the way. We greatly appreciate our finance and development partners, who worked collaboratively with us to navigate a complex portfolio in an ever-changing market.”
“Live Oak Bank is dedicated to lending to projects that bring jobs, economic benefits and low cost renewable energy generation to America’s rural communities,” said Jennifer Williams, SVP of Renewable Energy at the bank, “and we are excited to be part of this innovative portfolio with Sol Systems, Nationwide, Seminole Financial Services, Cypress Creek Renewables, and U.S. Bank.”
Seminole Financial Services was the construction lender for the projects, U.S. Bank was the tax equity provider, and Live Oak Bank was the permanent lender for the portfolio. Cypress Creek developed and built the eight projects and will provide operations and maintenance support going forward.
“U.S. Bank has a long relationship with Sol Systems and we are excited to partner with Helios on this first portfolio,” said Jon Peeples, vice president with U.S. Bank and business development officer with the U.S. Bancorp Community Development Corp. “Environmental stewardship is important to us and these projects are a great addition to our growing solar portfolio around the United States.”
These solar developments represent a $74.1 million capital investment into rural North Carolina communities. Nearly 400 jobs were created throughout project construction, including 70 local jobs.