•  
  •  
  •  

Germany's HEP guns for US distributed solar market with local partner

Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.

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)

More stories to explore
Share this story
Tags
 
About the author

Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription