Heelstone Renewable Energy, a Qualitas Energy company, achieves financial close and commences construction of two US solar PV projects backed by PPAs with a US hyperscale data center developer
- The projects have a combined installed capacity of 206 MW, with the electricity sold under a long-term corporate power purchase agreement (CPPA) with a leading U.S. hyperscale data center developer
- Financial close has been achieved for both assets, securing structured capital to fund construction and long-term operations, with the support of leading lenders and tax equity partners
- This milestone reinforces Heelstone’s growth trajectory, accelerating its transition into a fully integrated independent power producer (IPP) and strengthening its capacity to deliver an expanding portfolio of renewable energy projects across the United States
DURHAM, N.C., April 07, 2026 (GLOBE NEWSWIRE) — Heelstone Renewable Energy (“Heelstone”), a premier U.S. utility-scale renewable energy platform and a Qualitas Energy company, announced today that it has commenced construction on two solar PV projects in the United States: the 104 MW Alligator Creek Solar, LLC (“Alligator Creek”) project, located in Wheeler County, Georgia, and the 102 MW Murch Solar, LLC (“Murch”) project in Van Buren County, Michigan, representing a combined installed capacity of 206 MW.
Construction follows the achievement of final investment decision (FID) and the execution of Engineering, Procurement and Construction (EPC) agreements with Pure Power Contractors, LLC for Alligator Creek and with Greensol Renewables, LLC for Murch, marking the transition of the portfolio from late-stage development into the construction phase. Commercial operation of the two facilities is expected by the end of 2026.
The launch of construction has been underpinned by the successful structuring and closing of non-recourse project financing at asset level, securing the required debt and tax equity commitments to fund construction and long-term operations. Financial close for Alligator Creek was reached in December 2025, while Murch closed in March 2026.
Paragon Energy Capital advised Heelstone on the financing of Alligator Creek, with Stonehenge Capital provided syndication and asset management services to the Production Tax Credit buyer and Zions Bancorporation, N.A., acting as sole coordinating lead arranger under a construction-to-term loan facility. For Murch, CG/CRC-IB advised on the financing process. Stonehenge Capital provided the tax equity investment, while ING Capital LLC and Norddeutsche Landesbank Girozentrale acted as coordinating lead arrangers and lenders, providing both a tax equity bridge facility and a construction-to-term loan.
Both projects are backed by long-term corporate power purchase agreements (CPPAs) with a leading U.S. hyperscale data center developer, together with associated benefits.
Alejandro Ciruelos, Partner, US at Qualitas Energy, commented:
Reaching FID and commencing construction on these projects demonstrates the strong execution capabilities of the Heelstone team and the continued momentum of the platform.
”This milestone accelerates Heelstone’s transition into a fully integrated independent power producer (IPP), strengthening its ability to deliver a growing portfolio of renewable energy projects across the United States.”
Mike Weich, CEO of Heelstone Renewable Energy, added:
Backed by long-term PPAs and fully structured project financing, these projects reflect our ability to originate, finance and build high-quality utility-scale renewable assets.
”The start of construction on Alligator Creek and Murch marks another important step in scaling our platform across key U.S. markets.”
These milestones follow Heelstone’s recent successful closing of a $200 million senior secured corporate credit facility, further advancing the company’s strategic growth objectives and supporting its expanding development and operating pipeline.
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Heelstone Renewable Energy, a Qualitas Energy company, achieves financial close and commences construction of two US solar PV projects backed by PPAs with a US hyperscale data center developer, source
