News | April 10, 2024

Excelsior Energy Capital Enters Multiyear, 2 GW Supply Agreement With Heliene For Domestically Produced Solar Panels

Excelsior, MN - (BUSINESS WIRE) - Excelsior Energy Capital (“Excelsior” or “the firm”), a leading renewable energy infrastructure investor, today announced that it has entered a multiyear agreement to acquire 2.0 GW of photovoltaic modules from Heliene, Inc. ("Heliene”), one of North America’s fastest-growing manufacturers of high-quality solar energy equipment. As part of the long-term supply agreement, the two companies expect to work closely as partners.

The photovoltaic modules supplied under the agreement – commonly referred to as solar panels or PV modules – will primarily be produced at an existing Heliene factory in Mountain Iron, Minnesota, and at a new factory the company plans to build in the Greater Minneapolis-St. Paul area.

“The Excelsior team is excited by the wide-ranging benefits of this new agreement, which materially derisks supply of PV modules for our projects and allows us to work collaboratively alongside an established industry player as they expand and innovate over time,” said Chris Frantz, Partner at Excelsior.

“The agreement also deepens the confidence that other partners can have in the Excelsior team, as it delivers unmatched assurance in our ability to supply the necessary equipment for the solar energy projects that we invest in,” added Ryan Fegley, Co-Founder and Partner at Excelsior.

A majority of the PV modules supplied by Heliene would be produced in the United States. Through this agreement and partnership, Heliene and Excelsior will support growth of American clean energy jobs and manufacturing capacity. The agreement will materially reduce supply chain risk for Excelsior, including shipping delays, as well as tariff and other trade-related risks.

“Heliene is proud to formalize our supply arrangement with Excelsior as we continue building on a period of tremendous growth, both for our company and for the domestic solar industry as a whole,” said Martin Pochtaruk, CEO at Heliene. “Our team is grateful to work with such a high-value customer, and we are excited by the ways this agreement will help expand the use of our American-made, high-quality, and reliable solar technologies.”

About Excelsior Energy Capital

Excelsior Energy Capital is a renewable energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1 billion of equity capital. For more information, visit

About Heliene

Heliene, Inc. is one of North America’s fastest-growing domestic module manufacturers serving the utility-scale, commercial, and residential markets. With an in-house logistics team and remarkably responsive support staff, Heliene delivers competitively priced, high performance solar modules precisely when and where customers need them to accelerate North America’s clean energy transition. Founded in 2010, Heliene consistently ranks as a highly bankable module manufacturer. For more information, visit

Disclosure: This material does not constitute an offer to sell or the solicitation of an offer to buy any securities. Securities managed by Excelsior Energy Capital (the “Firm”) are offered to select investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). Any reproduction or other distribution of this material in whole or in part without the prior written consent of the Firm is prohibited. Opinions, estimates and projections in this announcement constitute the current judgment of the Firm and are subject to change without notice.

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