Nationwide investing $200M in solar venture
A Nationwide joint venture that invests in solar energy has completed its latest effort — a $200 million portfolio across North Carolina.
Helios Infrastructure, a partnership between Nationwide and solar company Sol Systems, has completed the purchase from Cypress Creek Renewables.
The portfolio spans 20 projects across North Carolina that are either operational or under construction.
“It’s within our mission,” Clark Lloyd, the solar equity portfolio manager for Nationwide, said of Nationwide’s goal of protecting people, businesses and futures. “It’s the right investment to make as the country transitions to a different source of power.”
The relationship between Nationwide and Sol dates to 2012 when the two companies began making investments in renewable energy tax credits.
They formed the joint venture in 2018 to go beyond buying tax credits to actually buy the projects being developed by Cypress Creek Renewables in North Carolina.
“It was unique. Insurance companies hadn’t figured out the space at the time,” Lloyd said.
Since 2012, the partnership has financed more than $700 million in solar projects throughout the United States.
The portfolio is primarily composed of assets selling energy to utilities, municipal customers and universities.
Nationwide has invested in a total of 25 projects with 270 megawatts of power. Other projects are in Texas and Louisiana.
The 51 megawatts of projects still under construction in North Carolina as part of the project with Cypress will create renewable electricity that will benefit 20 counties and 12,000 homes per year. They while offsetting approximately 150,000 tons of carbon annually.
Generally, one megawatt can power 164 average homes.
“The complexities inherent in a portfolio with this number of projects require a partner like Helios at the table,” said Cassidy Deline, vice president of project finance for Cypress Creek.
The largest project in the North Carolina portfolio is Ruff, a 32-megawatt solar site that was placed in service on July 27. mawilliams@dispatch.com @Bizmarkwilliams