North American solar module manufacturer Heliene Inc. has announced a strategic equity investment of up to $54 million to support the establishment of a new 550-MW production line in Rogers, Minnesota. The investment comes from mid-market private equity firm Transition Equity Partners (TEP) and a consortium of limited partners, including affiliates of Hamilton Lane.
With this new manufacturing line, Heliene's total U.S.-based production capacity will reach approximately 1.5 GW per year and is expected to create over 150 jobs in the region.
The expansion is supported by significant supply agreements, including a 2-GW deal with Excelsior Energy Capital and a 1.5-GW agreement with Nexamp. Heliene is leveraging the opportunities presented by the Inflation Reduction Act (IRA), specifically the 45X production tax credit, while enhancing customer value through the Domestic Content Adder. The company has established a domestic solar supply chain through partnerships with various firms, including Suniva for U.S.-made solar cells, SOLARCYCLE for solar glass, OMCO Solar for racking systems, Premier Energies for a cell manufacturing joint venture, and NorSun for domestic wafer production.
Michael Allison, a partner at TEP, commented on the investment, stating, “Heliene's operational excellence and strong market position, combined with the support of the Inflation Reduction Act, make this a rare opportunity to invest in U.S. solar manufacturing at an attractive entry point.” This funding follows a previous $170 million investment secured by Heliene in 2023.
