Helios Infrastructure Fund, a joint venture of Sol Systems and Nationwide Insurance, has entered into an agreement to acquire 135MW of solar projects from Cypress Creek Renewables.
The projects acquired by Helios are located in North Carolina, US.
Sol Systems CEO Yuri Horwitz said: “This transaction puts Helios on track to meet its objectives for the coming year and beyond.
“As we look to grow, partnerships like the one we have with Cypress, founded upon integrity and execution, will be critical.”
In February, Sol Systems and Nationwide Helios Infrastructure Fund (Helios), aiming to acquire, develop, build, and own over 330MW of utility and commercial solar assets throughout the US over a period of 12 months.
Sol Systems fund and asset management VP Dan Yonkin said: “Helios uniquely provides developers with capital as part of a broader portfolio acquisition.
“What sets Helios apart is that it is one of the few solar infrastructure platforms with significant in-house development, engineering, construction, and trading expertise, which the team leverages to make compelling risk-adjusted investments alongside our partners.”
With its portfolio approach focusing on buying late stage development assets, Helios is expected to leverage the origination, underwriting and asset management resources the two partners have established.
Since 2012, Nationwide and Sol have financed over $700M of solar projects throughout the US.
The portfolio mainly consists of distributed utility assets selling energy to municipal customers, universities, and utilities.
Founded in 2008, Sol Systems is a major independent asset manager that develops and invests in solar infrastructure in the US.
Established in 2014, Cypress Creek Renewables is involved in developing, investing and operating solar generating assets in regulated and deregulated markets.
In 2017 alone, the company built 800MW of solar infrastructure in North Carolina, South Carolina, Oregon, Texas, Maryland, Massachusetts, Minnesota, New York, and Vermont.
In April 2018, Cypress Creek Renewables opened a solar control center in its Research Triangle Park, North Carolina office. Out of the Cypress Creek Control Center (C4), the company operates 232 utility, distribution and rooftop-scale solar facilities, totaling nearly 2GW capacity, in 14 states in the US.