HYFI secures $450m from Signet for US solar & storage

US-based green energy finance company BioPower Operations Corporation - doing business as HYFI Corp - has confirmed that Signet Capital will arrange a $450 million private placement for the first tranche of a green electricity generation project that will include solar and battery storage.

The project is the product of a joint venture with POWGEX ENERGY called POWGEX-HYFI which intends to “build, own and operate green electricity generating facilities for the next 45 years”.

BioPower will own up to 19.99% of the joint venture and received a $50 million equity investment in exchange for various deliverables including providing initial structured finance for $450 million and OEM relationships. BioPower has put together a consortium of banks, investment banks and institutions approved to provide structured project finance for electricity guaranteed by the power purchase agreements from off-takers.

In the first year it is expected that the electricity installations will begin in the fourth quarter for approximately 1GW of power at a cost of approximately $2.25 billion. In subsequent years, 5GW of installed capacity per year will be targeted. 

A Biopower statement said a “market leading solar PV and battery storage OEM” has been selected for the first gigawatt of deliverables to be provided and installed.

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