Platform Unlocks Capital for Utility-Scale Solar Sector
WASHINGTON, D.C. (September 14, 2018) – Today, Sol Systems and Nationwide Insurance announced that their Helios infrastructure joint-venture has executed a framework agreement to purchase a 135-megawatt (MW) portfolio of North Carolina solar projects from Cypress Creek Renewables.
Launched in February 2018, Helios invests in utility-scale solar energy assets throughout the United States, combining tax-efficient sponsor capital with highly sophisticated financial structuring. Helios’ portfolio approach centers around purchasing late stage development assets. In addition to the deal announced today, the Helios team continues to seek portfolios of utility development assets for acquisition throughout the United States.
“This transaction puts Helios on track to meet its objectives for the coming year and beyond,” said Yuri Horwitz, CEO of Sol Systems. “As we look to grow, partnerships like the one we have with Cypress, founded upon integrity and execution, will be critical.”
“Working with like-minded organizations such as Sol Systems enables Cypress Creek to meet our goals of providing low cost, sustainable energy to the grid,” said Matthew McGovern, CEO of Cypress Creek Renewables. “The Helios platform provided the diligence, efficiency, and expertise needed to meet our high standards.”
“Helios uniquely provides developers with capital as part of a broader portfolio acquisition,” said Dan Yonkin, VP of Fund and Asset Management at Sol Systems, who manages Helios. “What sets Helios apart is that it is one of the few solar infrastructure platforms with significant in-house development, engineering, construction, and trading expertise, which the team leverages to make compelling risk-adjusted investments alongside our partners.”
Developers looking to sell their projects contact Dan Yonkin at daniel.yonkin@solsystems.com or (202) 588-6456.
MEDIA RESOURCES
- “Standing out from the wall of money: Introducing Helios,” March 21, 2018
- “Sol Systems and Nationwide Introduce Infrastructure Fund for Solar Assets,” February 7, 2018
About Sol Systems
Sol Systems, a leading independent asset manager that develops and invests in solar infrastructure in the United States. The company was founded in 2008 and is primarily employee-owned. Sol Systems creates and implements tailored solar energy investment and procurement solutions for some of the largest companies, municipalities, and universities in the United States. The company is based in Washington, DC. For more information, contact Charity Sack, charity.sack@solsystems.com; 202.588.6455.
About Cypress Creek Renewables
Cypress Creek believes solar makes the world cleaner and healthier. Our team successfully develops, builds and operates solar facilities across the United States. With 2.3 gigawatts of solar deployed in more than a dozen states, Cypress Creek Renewables is one of the country’s leading solar companies. For more information about Cypress Creek Renewables, please visit https://ccrenew.com/