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German Clean-Energy Fund Expanding Into U.S. Solar Development

  • Hep partnering with ReNew Petra to build small projects
  • Investors see promising growth in the U.S. solar market
Massive Solar-Storage Project Is Planned for the Nevada Desert

Photographer: Jacob Kepler/Bloomber

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Germany-based clean-energy fund Hep Kapitalverwaltung AG agreed to invest $50 million to $80 million annually in a partnership to develop small solar projects in the U.S.

Hep and ReNew Petra, a North Carolina-based renewable energy company, plan to jointly develop more than 100 megawatts of solar annually, according to a statement Wednesday. Their venture, Emerald Hills Holding, will enable ReNew to expand beyond the Southeast.