Coronal Group LLC has acquired the majority of the assets of HelioSage Energy and formed Coronal Development Services, LLC (CDS), establishing an end-to-end solar development solution available to commercial and utility clients in North America.
Together with Panasonic Eco Solutions (Panasonic), Coronal owns and operates a portfolio of solar facilities in North America totaling nearly 100 MW. The HelioSage acquisition will add in excess of 300 MW of near Notice To Proceed projects and more than 1.5 GWs of projects in development. The acquisition further strengthens and diversifies the unique Coronal-Panasonic platform by bringing in-house a first class development team.
"This acquisition will strengthen our position as an integrated solar energy solution provider for customers with utility-scale projects and across markets in the solar industry," said Jonathan Jaffrey, chairman and CEO of Coronal Group LLC. "In addition to an extensive pipeline of both near-term and development-stage projects, we are gaining a deeply experienced and successful development team that is committed to fueling the growth of our utility-scale portfolio in North America. The financial strength behind Coronal-Panasonic places CDS in a perfect position to reap the full benefits of HelioSage's portfolio."
Focused primarily on power purchase agreements with utilities, over the last three years, HelioSage has executed more than 400 MW of agreements with companies including Duke Energy, Georgia Power Company, the Tennessee Valley Authority and others. HelioSage also served as the exclusive solar consultant and transaction advisor for one of the nation's largest investor owned utilities from 2012-2014, participating in the origination, due diligence, and acquisition of 230+ MW on their behalf.
"HelioSage has worked tirelessly to establish a reputation and a track record as a well-respected leader in large-scale solar development," said Chris Walmsley, president of the newly formed CDS. "Joining a team the caliber of Coronal-Panasonic represents the culmination of years of hard work - but what is most exciting to all of us is our future together."
Together with Panasonic's expertise in engineering, procurement and construction, as well as long-term operations and maintenance, CDS is uniquely positioned to serve a rapidly expanding utility-scale market.
"Panasonic is excited to have HelioSage joining the Coronal-Panasonic team," said Jamie Evans, managing director of Eco Solutions for Panasonic. "The HelioSage team brings an impressive skill set and a culture that will be very complementary to the Coronal-Panasonic platform. Collectively, we are well-positioned to execute a significant project pipeline throughout North America in the near term."
Marathon Capital acted as exclusive financial advisor to HelioSage. "Marathon Capital was pleased to help facilitate the expansion strategy of an already significant investor in the utility-scale solar space, combining HelioSage's sophisticated and powerful development platform with Coronal Group and Panasonic Eco Solutions' long-term investment vision and operational excellence," said Terry Grant, managing director of Marathon Capital.
(Graphic: Coronal Development Service)