Investment Capital will Enable Hawaii and California Multi-Dwelling Unit Solar Market Expansion and Project Asset Ownership
Honolulu, HI – (March 12, 2024) – Holu Hou Energy LLC (“HHE”), a provider of design-to-service solar plus energy storage systems, including the breakthrough EnergyCluster product for the Multi-Dwelling Unit (“MDU”) residential property and single-family home markets, has closed a $35 million strategic investment from funds managed by Irradiant Partners, LP (“Irradiant”), an alternative asset management firm with more than $11.4 billion of assets under management. This investment will support the development and construction of Hawaii’s largest solar and energy storage project pipeline and HHE’s expansion into the California market. The partnership with Irradiant will also provide for additional project capital and structuring expertise for HHE to execute on its project pipeline.
In the last twenty-four months, HHE has built a project pipeline totalling nearly $1.0 billion, including a contract to build solar and energy storage systems across the Island Palm Communities in Hawaii, one of the largest residential solar project in the United States. Construction of this project began in early January with construction financing from Fundamental Renewables. Additionally, the company has partnered with HGIA, the Hawaii Green Infrastructure Authority, to create a lease product that has resulted in a $25 million residential solar backlog in just the last six months.
In terms of California market expansion, in late 2023 the California PUC introduced “VNEM 3.0”, which has crippled the economics for installing solar generating assets outside the tenant meters for MDU properties. The HHE EnergyCluster is perfectly suited to bringing lower cost electricity and profitable asset ownership to these approximately 3,000,000 properties in the state, with behind the meter, real time, surplus energy sharing. Tenants in many of these California MDUs pay some of the highest electricity bills in the country. The EnergyCluster delivers them the access to resiliency and economical energy they have never been able to experience.
See How HHE’s “EnergyCluster” Technology Puts Solar on Multi-Dwelling Unit Properties
About Holu Hou Energy, LLC
Holu Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art renewable energy and energy storage systems to the Multi-Dwelling Unit Residential (MDU) and Residential housing markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage system and control platform solutions, including a breakthrough HHE “EnergyCluster” technology that is key to delivering resilience and economical electricity to the Multi-Dwelling Unit Residential housing market. HHE is a vital partner for investors and asset owners that are seeking MDU renewable energy solutions. For more information, visit www.holuhou.com.
About Irradiant Partners
Irradiant Partners, LP is an alternative investment manager focused on liquid credit, opportunistic credit, and renewable private equity and credit. Irradiant manages over $11.4 billion in committed capital with over 45 professionals operating from Los Angeles, Greenwich and Austin. For more information, visit www.irradiantpartners.com.
