Helios Infrastructure, a joint venture between Nationwide and Sol Systems, has completed its project purchase from Cypress Creek Renewables. The $200+ million portfolio spans 20 projects across North Carolina, of which 97 MW are operational and 51 MW are under construction.
Since 2012, Nationwide and Sol Systems have financed over $700 million of solar projects throughout the U.S. The portfolio is primarily composed of utility-scale assets selling energy to utilities, municipal customers and universities. Today, Helios leverages the origination, underwriting and asset management resources the two partners have established.
In June 2018, Helios and Cypress Creek executed a framework agreement to purchase a portfolio of utility-scale solar projects under development by Cypress Creek. Since the agreement was announced, Helios has purchased and closed financing on the projects in the portfolio on a rolling basis. Helios and Cypress Creek completed the sale of the final 25 MW in the portfolio in July.
“With Nationwide and Sol Systems, we have developed a valuable, multi-year partnership around our shared mission of powering a sustainable future and investing in the North Carolina communities,” says Cassidy DeLine, vice president of project finance at Cypress Creek Renewables.
“The complexities inherent in a portfolio with this number of projects require a partner like Helios at the table,” adds DeLine.
Cypress Creek’s engineering and project management group is overseeing the construction by Pure Power Contractors and CS Energy, which is targeting a placed-in-service date of December. Upon completion, Cypress Creek O&M services will provide operations and maintenance for the entire 20 project portfolio.
The largest project in the portfolio is Ruff, a 32 MW solar site located in Ellenboro, N.C. The project was placed in service on July 27.
Photo: Cypress Creek Renewables’ landing page