HelioSage sells 12-project portfolio

HelioSage Energy says it has sold a portfolio of 12 development-stage ground-mounted solar PV projects totaling 77 MW (dc) located in eastern North Carolina.

The developer did not name the buyer or provide financial details of the transaction.

HelioSage has sited, designed and permitted the projects. They all have power purchase agreements with either electric utility Duke Energy-Progress or the North Carolina Eastern Municipal Power Agency (NCEMPA).

HelioSage anticipates that all the projects will be in commercial operation this year, with five now in construction. In aggregate, the portfolio will generate an estimated 100 million kWh annually – enough energy to power more than 6,200 homes.

"This is a major milestone for HelioSage Energy," says chief executive Chris Walmsley. "As a greenfield development firm specializing in originating projects and delivering those assets to strategic buyers and owners, a transaction such as this is a meaningful accomplishment, and validation of our business model.”

He adds HelioSage is developing a second, similarly sized portfolio, which will transact and construct before the end of 2015.

The company is based in Charlottesville, Virginia.