Canadian solar PV module manufacturer, Heliene Inc., has secured an equity investment of up to $54 million from Transition Equity Partners (TEP), in collaboration with a consortium of limited partners, including affiliates of Hamilton Lane. This investment follows Heliene’s $170 million capital raise in 2023 from Orion Infrastructure Capital and key customers. The funding will enable the development of a new 550MW production line at Heliene’s facility in Rogers, Minnesota. Heliene has established supply agreements with Excelsior Energy Capital and Nexamp for a combined 3.5GW of solar projects. The company will leverage the Inflation Reduction Act’s (IRA) production tax credit and the Domestic Content Adder to enhance its competitive advantage.