California-based Coronal Group LLC has acquired the majority of the assets of Virginia solar developer HelioSage Energy and formed Coronal Development Services, LLC (CDS).
With the new subsidiary , Coronal aims to establish a robust end-to-end solar development solution available to commercial and utility clients in North America.
Together with Panasonic Eco Solutions (Panasonic), Coronal owns and operates a portfolio of solar facilities in North America totaling nearly 100 MW. The HelioSage acquisition adds more than 300 MW contracted projects and more than 1.5 GW of projects in development.
"This acquisition will accelerate our fast-growing platform and strengthen our position as an integrated solar energy solution provider for customers with utility-scale projects and across markets in the solar industry," said Coronal Chairman and CEO Jonathan Jaffrey. "In addition to an extensive pipeline of both near-term and development-stage projects, we are gaining a deeply experienced and successful development team that is committed to fueling the growth of our utility-scale portfolio in North America. The financial strength behind Coronal-Panasonic places CDS in a perfect position to reap the full benefits of HelioSage’s portfolio."
Coronal said HelioSage’s strength in utility-scale solar project development, paired with a Coronal-Panasonic platform that provides expertise in engineering, procurement and construction (EPC), project finance and asset management, makes for a compelling value proposition in today’s solar marketplace.
Focused primarily on power purchase agreements with utilities, over the last three years, HelioSage has executed more than 400 MW of agreements with companies including Duke Energy, Georgia Power Company, the Tennessee Valley Authority and others.
"HelioSage has worked tirelessly to establish a reputation and a track record as a well-respected leader in large-scale solar development," said Chris Walmsley, president of the newly formed CDS. "Joining a team the caliber of Coronal-Panasonic represents the culmination of years of hard work — but what is most exciting to all of us is our future together."
Jamie Evans, managing director of Eco Solutions at Panasonic, said, "The HelioSage team brings an impressive skill set and a culture that will be very complementary to the Coronal-Panasonic platform. Collectively, we are well-positioned to execute a significant project pipeline throughout North America in the near term."