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Holu Hou Energy LLC (HHE), a leading provider of end-to-end solar and energy storage solutions, including the innovative EnergyCluster product for Multi-Dwelling Unit (MDU) residential properties and single-family homes, has successfully secured a strategic investment of $35 million from funds managed by Irradiant Partners, LP (Irradiant), an alternative asset management firm overseeing assets worth over $11.4 billion. This infusion of capital will bolster HHE’s efforts in developing and constructing Hawaii’s largest solar and energy storage project pipeline, while also facilitating the company’s expansion into the California market. The partnership with Irradiant will not only provide additional project capital but also offer valuable structuring expertise, enabling HHE to effectively execute its project pipeline.
Over the past two years, HHE has cultivated a project pipeline exceeding $1.0 billion. Notably, the company has secured a contract to install solar and energy storage systems across the Island Palm Communities in Hawaii, representing one of the most significant residential solar projects in the United States. Construction for this project commenced in early January, supported by construction financing from Fundamental Renewables. Furthermore, HHE has collaborated with the Hawaii Green Infrastructure Authority (HGIA) to introduce a lease product, resulting in a $25 million residential solar backlog within the last six months alone.
In light of its expansion into the California market, HHE has responded to the introduction of “VNEM 3.0” by the California Public Utilities Commission (PUC), which has impacted the economic viability of installing solar generating assets outside tenant meters for MDU properties. The HHE EnergyCluster emerges as an ideal solution, offering lower-cost electricity and profitable asset ownership to approximately 3,000,000 properties in the state. With its behind-the-meter, real-time surplus energy sharing capabilities, the EnergyCluster addresses the needs of tenants residing in many California MDUs, who face some of the highest electricity bills nationwide. By providing access to resilience and cost-effective energy, the EnergyCluster delivers an unparalleled experience to these residents. |
