Nationwide, Sol Systems acquire 50MW solar power project in Louisiana

Helios Infrastructure, a joint venture company created by insurance giant Nationwide and Sol Systems, has acquired a 50MW solar power project in West Baton Rouge Parish, Louisiana.

The financial details of the transaction and also details of the seller were not disclosed.

The energy produced by the solar power plant will be purchased by Entergy Louisiana under a 20-year power purchase agreement.

DEPCOM Power handled the engineering, construction, and operations and maintenance services for the 197,000-panel solar power plant in West Baton Rouge Parish.

The solar power project will annually eliminate the equivalent of nearly 19,000 passenger vehicles’ greenhouse emissions, said Sol Systems.

As per the US solar energy company, the acquired solar project is its largest single project investment till date for Helios Infrastructure.

Established in 2018, the joint venture company now owns and operates more than 300MW of commercial and utility-scale solar energy assets across the US.

Nationwide, Sol Systems acquire 50MW solar power project in Louisiana. Photo courtesy of andreas160578 from Pixabay.

Clark Lloyd – Nationwide Solar Equity Portfolio Manager said: “This is an important day for Nationwide as this project is a continuation of our broader effort, focused on ESG-related investments.

“Sourcing projects that focus on clean energy and a sustainable future is not only a win for the community, but it allows us to fulfill our mission of protecting people, businesses and futures with extraordinary care.”

According to Sol Systems, the solar power plant created more than 350 construction and installation jobs in the region.

The company estimates that over the next 30 years, the solar project will provide about $6.4 million in tax revenue.

Jessica Robbins – Senior Director, Structured Finance for Sol Systems said: “This is a resilience story, and an indicator that clean energy will play a significant role in the recovery of the region and our nation.

“The impacts of the pandemic have put us to the test, and we have an even greater appreciation for partners like Nationwide and Entergy. Partnerships like these are essential to provide hope and to jumpstart the recovery of our communities and economy.”