Solar PV module manufacturer Heliene announced that it has closed a $54 million strategic equity investment led by energy transition-focused private equity firm Transition Equity Partners (TEP), aimed at expanding the company’s North American operations.

Founded in 2010, Ontario, Canada-based manufactures solar PV modules serving the utility-scale, commercial, and residential markets. According to the company, the investment comes as Heliene is set to capitalize on the 45X production tax credit, established by the U.S.’ Inflation Reduction Act, which introduced the tax credit to support clean energy manufacturing in the U.S. Heliene announced last month the sale of approximately $50 million 45X credits, with proceeds to be used to reduce debt and invest in U.S. solar cell and module manufacturing facilities.

Michael Allison, Partner at TEP, said:

“Heliene’s operational excellence and strong market position, combined with the support of the Inflation Reduction Act, make this a rare opportunity to invest in U.S. solar manufacturing at an attractive entry point.”

According to Heliene, the new capital will be used to help the company expand its capacity, including supporting the development of a new 550MW production line in Rogers, Minnesota, noting that the new line will boost Heliene’s total U.S. based manufacturing capacity to approximately 1.5GW per year.

Martin Pochtaruk, CEO of Heliene, said:

“This investment from Transition Equity Partners is a key milestone in Heliene’s growth journey. It empowers us to expand our capacity to deliver high-quality, bankable, domestically produced solar modules that power the clean energy transition. We are proud to play a pivotal role in strengthening North America’s renewable energy supply chain and contributing to the global energy transition.”