Glendale, Calif.-based Coronal Group LLC has acquired most of the assets of Charlottesville, Va.-based HelioSage Energy and formed Coronal Development Services LLC.
Together with Panasonic Eco Solutions, Coronal currently owns and operates a portfolio of nearly 100 MW of solar facilities in North America. The HelioSage acquisition will add in excess of 300 MW of projects with ‘notice to proceed’ status and more than 1.5 GW of projects in development. Marathon Capital acted as exclusive financial advisor to HelioSage on the sale.
Focused primarily on power purchase agreements with utilities, HelioSage has executed more than 400 MW of agreements over the last three years with companies including Duke Energy, Georgia Power and the Tennessee Valley Authority.
‘This acquisition will accelerate our fast-growing platform and strengthen our position as an integrated solar energy solution provider for customers with utility-scale projects and across markets in the solar industry,’ says Jonathan Jaffrey, chairman and CEO of Coronal Group.