Heliene, a manufacturer of solar PV modules, closed a $170 Million funding round, including a mix of $20 million in equity and $150 million in debt funding. The funding will be utilized for Heliene’s expansion.
The $150 million credit facility was provided by Orion Infrastructure Capital (OIC), an infrastructure investment firm. The $20 million equity round included participation from OIC and 2Shores Capital, an Ontario-based private investment company. Two existing Heliene customers – Valta Energy and Bullrock Renewables – joined the round.
“This new capital from OIC, Bullrock, Valta, and 2Shores enables us to strengthen our manufacturing capacity to meet the high demand for our domestically produced solar modules,” said Martin Pochtaruk, CEO of Heliene.
In 2022, Heliene expanded its North American manufacturing capacity with the opening of an additional 500 MW plant at its existing facility in Mountain Iron, Minnesota. This new capital is expected to enable Heliene to expand that facility with two new 300 MW lines.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, Solar debt financing activity in 1H 2023 reached $8 billion in 33 deals, a 60% increase compared to 1H 2022. The global VC funding market for solar also saw a 3% increase YoY, with $3.8 billion in 33 deals in 1H 2023 compared to $3.7 billion in 53 deals in the first half of 2022.