Independent power producer Soltage the Basalt 2 fund have set up Helios Power to develop up to 200MW of solar projects in the US.
The venture builds on a previous collaboration between Soltage and the Basalt 1 fund called Hyperion Power, which developed 135MW of photovoltaic projects in California, Massachusetts, North Carolina, New Jersey, South Carolina and Georgia.
Helios Power will continue distributed solar asset investment in the commercial and industrial, utility, community solar, municipal and corporate PPA markets, as well as solar plus storage and stand-alone storage, the partners said.
Soltage founder and chief executive Jesse Grossman said: “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.
“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.”
Basalt Infrastructure Partners managing partner Rob Gregor said: “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.
“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.”