Heelstone Advances IPP Strategy With 206 MW of New U.S. Solar Projects and Fully Structured Financing

New updates have been reported about Heelstone Renewable Energy.

Heelstone Renewable Energy has begun construction on two utility-scale solar projects totaling 206 MW, marking a significant step in its transition to a fully integrated independent power producer. The 104 MW Alligator Creek project in Wheeler County, Georgia, and the 102 MW Murch project in Van Buren County, Michigan, moved into the build phase after final investment decisions and execution of EPC contracts, with commercial operations targeted by the end of 2026.

Both projects are supported by long-term corporate power purchase agreements with a major U.S. hyperscale data center developer, locking in revenue visibility and underpinning project-level, non-recourse financing. Alligator Creek reached financial close in December 2025 with a construction-to-term loan arranged by Zions Bancorporation, alongside tax equity syndication and asset management services provided to the Production Tax Credit buyer. Murch closed in March 2026 with ING Capital and Norddeutsche Landesbank acting as coordinating lead arrangers and lenders, providing a tax equity bridge and construction-to-term facility, while Stonehenge Capital supplied tax equity. Advisors including Paragon Energy Capital and CG/CRC-IB supported Heelstone in structuring these financings, which, together with a recently closed $200 million senior secured corporate credit facility, strengthen its balance sheet and ability to scale a national pipeline of solar and storage assets. Executives from Heelstone’s parent, Qualitas Energy, emphasized that these milestones validate Heelstone’s execution capabilities and accelerate its growth trajectory across key U.S. power markets.