July 18 (Renewables Now) - German clean energy fund HEP Kapitalverwaltung AG has partnered with North Carolina-based developer ReNew Petra in a bid to expand into the US distributed solar market.
According to a press release on Wednesday, the duo will aim to develop more than 100 MW of distributed solar power annually. The move will also allow ReNew Petra to reach markets outside of its North Carolina base and the southeast.
The strategic partnership will result in a new entity operating as Emerald Hills Holding. It is to streamline project sourcing, development, engineering, procurement and construction (EPC), operation and maintenance (O&M), and financing to offer above-average returns to HEP’s investors, says the press release.
Bloomberg reported Wednesday that HEP has agreed to invest between USD 50 million and USD 80 million (EUR 44.6m-EUR 71.3m) annually in this venture. It entered the partnership through Hep Energy USA.
(USD 1.0 = EUR 0.89)