HEP group Completes Debt and Tax Equity Funding for Oregon Community Solar Portfolio
Charlotte, May 24, 2023 – HEP group, a globally operating solar investment specialist, has announced the successful completion of debt and tax equity funding for its Oregon Community Solar Portfolio. The 17 MW portfolio, consisting of six solar projects, commenced commercial operation in December 2022 and is expected to produce 22,592,000 kWh of solar energy in its first year. This will be sufficient to power nearly 2,618 homes and avoid greenhouse emissions by 13,930 tons. For investors, community solar offers the opportunity to invest in well-diversified cash flows on a long-term basis, with a large utility backstop. For customers, it allows access to clean renewable energy without committing to the ownership of solar installations.
“Our mission, encapsulated by our slogan ‘there is no planet B,’ is to invest in sustainable energy for a healthier environment,” stated Vivek Srinivasan, Head of Investments for the Americas. “Despite industry challenges in the past two years, the completion of the Oregon portfolio illustrates our unwavering commitment to this cause and showcases our expertise in investing, developing, and delivering sustainable energy solutions.”
The portfolio, costing approximately $40 million in total, allowed HEP to deploy over $16 million on behalf of its ESG conscious investors. Senior secured term debt and tax equity make up the remainder of the capital stack. The Oregon portfolio has achieved full subscription for all its projects, with both residential and commercial customers signing up to participate.
About HEP group
HEP group is a globally operating solar development and investment specialist founded in 2008 in Germany with a focus on commercial and utility-scale solar projects in every stage of development across Europe, Asia and North America. HEP offers end-to-end solar development solutions, covering the entire development, financing and construction of greenfield projects. In addition, HEP acts as a licensed capital management company via its fully regulated fund management entity providing retail and institutional investors with the opportunity to participate in solar projects worldwide. Cumulatively, HEP group has developed solar projects with a total capacity of more than 1.3 GW worldwide, 250 MW of which is in the US.
Press Contact:
Katrin Wolf
Römerstraße 3
D-74363 Güglingen
Phone: +49 7135 93446-0
Email: presse@hep.global
Charese Allen
11330 Vanstory Drive, Suite 101
Huntersville, NC 28078
Phone: +1 704 287 6671
Email: c.allen@hep.global
www.hep.global
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