German fund partners with ReNew Petra to develop annual 100MW of US solar

German clean energy fund Hep Kapitalverwaltung AG has entered the US distributed solar market with an investment in regional developer ReNew Petra.

The German fund will invest $50 million to $80 million annually in the North Carolina-based developer, according to figures reported by Bloomberg on Wednesday,

The partnership will allow the renewable energy construction and management company to develop 100MW of distributed solar annually and expand its reach beyond the south-eastern US.

The partnership marks a new chapter for Hep, which has developed and constructed €450 million (US$505 million) worth of solar projects worldwide. “Our partnership with ReNew Petra launches Hep’s new strategic endeavor in the US distributed solar market,” company founder Christian Hamann said in a news release on Wednesday. “We are excited about this new chapter for our investors.”

The new development entity will operate as Emerald Hills Holdings.

California-based advisory firm Zorya Energy Advisors advised Hep on the purchase.