HelioSage Energy sells 60 MW-AC North Carolina PV portfolio


Solar developer HelioSage Energy has confirmed the sale of 12 North Carolina ground-mounted solar PV projects ahead of their completion.

The 60 MW-AC portfolio will sell power under a Power Purchase Agreement (PPA) to both the North Carolina Eastern Municipal Power Agency (NCEMPA) and Duke Energy-Progress once completed.

HelioSage has sited, designed, permitted and developed each of the 12 PV projects, and has secured standard contracts to qualify PPAs for the two North Carolina utilities. Collectively, the portfolio will deliver 100 million kWh of solar power annually, which is enough to power more than 6,200 local households a year.

Five of the projects are currently under construction, and all 12 should be placed into service before the year is out. "This is a major milestone for HelioSage Energy," said the company’s CEO, Chris Walmsley. "As a Greenfield development firm specializing in originating projects and delivering those assets to strategic buyers and owners, a transaction such as this is a meaningful accomplishment, and a validation of our business model."

HelioSage also confirmed that it will develop a similar-size portfolio for next year, and hopes to transact and construct this second round of projects in much the same manner.

"It is gratifying to see the first HelioSage portfolio in North Carolina progress to construction phase, with a follow-up portfolio right behind it," said Walmsley.

In late August, Sol Systems added 20 MW to North Carolina’s solar PV portfolio via a $100 million investment in the state, while Chinese giants Canadian Solar have signed a deal to supply 44 MW of its high efficient modules to seven North Carolina solar farms before the end of 2014. This deal followed hot on the heels of a $55 million project from Apple, who are in the process of constructing a 17.5 MW solar farm – the company’s third – in the state.