hep Acquires Majority Stake of North Carolina-Based ReNew Petra
hep, a German-based private equity fund and solar energy company, acquires the majority stake of US-American solar company ReNew Petra. The decision further leverages hep‘s business strategy in North America, following the earlier acquisition of Colorado-based solar project developer Peak Clean Energy. Since 2008, hep has been driving the expansion of renewable energies by developing, constructing and operating solar parks worldwide.
ReNew Petra – Broad Expertise: ReNew Petra is a vertically integrated, renewable energy investment, development and construction company, with more than 100 years experience among the leadership team, involved in the engineering and construction of solar, landfill gas, and biomass facilities across the U.S. With 40 employees, ReNew Petra also has the technical expertise to provide their own internal operations, maintenance, and asset management, as well as provide these services to institutional capital partners. Since 2016, the company has built more than 100 megawatts of solar capacity.
Long-term strategy: By taking over the majority stake, hep and its investors will have access to ReNew Petra's pipeline and benefit from the US-American company's building licenses in 14 US states. “This is a sign of our long-term dedication to the second largest solar market in the world”, says Christian Hamann, co-founder and CEO of hep. “We’re excited to take this next step with an experienced partner who shares our core values regarding long-term ownership and environmental responsibility”.
In July 2019, hep entered a strategic partnership with ReNew Petra. The current move builds on and intensifies the cooperation. Thereby, hep gets the opportunity to invest in 300 megawatts of project capacity within the following three years.
With three board seats, hep is involved in strategic management, project development, engineering, construction and maintenance of solar parks in the US. “Our EPC and O&M teams are already intensifying our cooperation and aligning quality management”, adds Dr. Alexander Zhou, Senior Vice President North America at hep.
About hep: hep is a German-based private equity fund and vertically integrated solar power company which performs all services along the full development cycle of solar projects. hep’s board of management has over 50 years of combined experience in development, construction, operation and financing of renewable energy projects. With locations in Germany, Japan, Taiwan and the USA, hep has developed 450 million Euros worth of solar projects world-wide since 2008.
With hep’s investment funds, investors can take an active stand on the reduction of CO2 emissions.