JERSEY CITY, N.J. and NEW YORK, July 18, 2019 /PRNewswire/ -- Today, leading independent power producer, Soltage LLC ("Soltage") and the second flagship Basalt fund ("Basalt II"), an infrastructure equity investment fund, announced the launch of a new funding vehicle, Helios Power, which is expected to fund the construction of 200 megawatts (MW) of solar assets across the U.S.
The launch of Helios Power follows completion of the expansion of Hyperion Power, a collaboration between Soltage, funds managed by the Basalt group and also Basalt's first flagship fund ("Basalt I"), comprising a portfolio of 135MW of distributed U.S. solar generation assets across diverse markets including California, Massachusetts, North Carolina, New Jersey, South Carolina and Georgia.
Building upon this prior partnership, Helios Power will continue distributed solar asset investment in the commercial and industrial, utility, community solar, municipal and corporate PPA markets, while also expanding the investment mandate to include solar plus storage, stand-alone storage and operating solar investment.
"We're proud to work with the Basalt funds to continue our track record of structuring high-quality investments across the Soltage platform, while at the same time expediting the rate at which our industry can put clean power on the grid," said Jesse Grossman, Soltage Founder and CEO. "Through the careful setup and execution of our capital vehicles, we've continued to streamline our process of getting the right capital into the right projects."
"We are very pleased to make this second investment alongside Soltage, who have proven themselves to be a top tier development and operating platform that can put capital to work and manage the complexity inherent in this industry," said Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP, investment advisor to the Basalt funds. "Helios Power provides a unique opportunity to invest in a high quality, distributed solar generation business in a geography that we know well and believe will offer opportunities to deploy further capital over time at attractive returns."
The solar industry continues to grow as an attractive sector of the U.S. economy to place capital into valuable clean energy infrastructure assets. The Solar Energy Industry Association (SEIA) and Wood Mackenzie Power & Renewables project that over the next five years, total installed U.S. PV capacity will more than double, with annual installations reaching 16.4 GWdc in 2021.