The 32MW Ruff solar power project in Ellenboro is the largest in the portfolio
Helios completes purchase of 148MW of solar portfolio assets. (Credit: CYPRESS CREEK RENEWABLES, LLC.)
Helios Infrastructur, a joint venture company between financial services company Nationwide and Sol Systems, has completed the acquisition of the final 25MW in a portfolio of projects developed by Cypress Creek Renewables.
The joint venture company has completed the purchase of a total 148MW portfolio of 20 utility-scale solar projects total worth more than $200m.
The portfolio of projects includes 97MW of projects in operation and 51MW are under construction.
Helios had signed a framework agreement with Cypress Creek in June 2018 to acquire a portfolio of solar projects that were under development by Cypress Creek.
Since then, the company has acquired and closed financing for the solar projects on a rolling basis.
The 32MW Ruff solar power project in Ellenboro is the largest in the portfolio that was placed in service in late July this year.
Cypress Creek Renewables Project Finance vice president Cassidy DeLine said: “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.
“The complexities inherent in a portfolio with this number of projects require a partner like Helios at the table.”
The 51MW of solar projects are targeted to be operational by December 2020
The 51MW of projects which are under construction are expected to generate renewable power that will benefit 20 counties and 12,000 North Carolina households annually, while reducing approximately 150,000 tonnes of carbon emissions per year.
The engineering and project management team of Cypress Creek is supervising the construction of the solar projects by Pure Power Contractors and CS Energy.
The projects are targeted to be placed in service by December 2020.
Cypress Creek O&M Services will provide operations and maintenance services for the 20 project portfolio upon completion of construction.