Solar PV modules maker Heliene nabs $170m in debt and equity

• The deal’s equity component included participation from OIC and 2Shores Capital, as well as Heliene customers Valta Energy and Bullrock Ren
• In 2022, Heliene expanded its North American manufacturing capacity with the opening of an additional 500 megawatt plant at its existing facility in Mountain Iron, Minnesota
• The funds raised will enable the company to expand that facility

Heliene, a Sault Ste. Marie, Ontario-based manufacturer of solar photovoltaic modules, has secured $170 million in debt and equity financing.

The $150 million credit facility was provided by Orion Infrastructure Capital (OIC), a North American infrastructure investment firm.

The deal’s equity component included participation from OIC and 2Shores Capital, as well as Heliene customers Valta Energy and Bullrock Ren.

Heliene serves the utility-scale, commercial and residential markets. Founded in 2010, the company delivers competitively-priced, high-performance solar modules from production facilities located in Canada and the US.

In 2022, Heliene expanded its North American manufacturing capacity with the opening of an additional 500 megawatt plant at its existing facility in Mountain Iron, Minnesota. The funds raised will enable the company to expand that facility with two new 300 megawatt lines and bolster workforce development in 2023 to help meet customer demand.

On the funding, Ethan Shoemaker, investment partner and head of Infra Credit at OIC, said in a statement, “We are excited to partner with Heliene to help accelerate its expanded production of modules in both Minnesota and Ontario. This capital partnership advances OIC’s goal to champion sustainable infrastructure and to support re-shoring of domestic manufacturing in key industries. On behalf of the team, I would like to thank Heliene for choosing to partner with OIC.”

With a team based in New York, Houston and London, OIC provides credit, equity and growth capital solutions to help mid-market businesses scale and deploy sustainable infrastructure. It has about $3.5 billion in assets under management.