Heelstone Renewable Energy, Part Of Qualitas Energy, Secures $200 Million Credit Facility To Accelerate Its Transition Into An Independent Power Producer

Heelstone Renewable Energy, a leading U.S. utility-scale renewable energy platform, announced the closing of a $200 million senior secured corporate credit facility. Supported by Qualitas Energy, this financing will help accelerate Heelstone’s evolution into a fully integrated independent power producer (IPP) and strengthen its ability to develop and deliver a growing pipeline of renewable energy projects across the country.

The new credit facility will support several key areas of Heelstone’s business. The funds will provide letters of credit for approved project-related needs, including interconnection deposits, power purchase agreements, project financing requirements, and payments for major equipment. In addition to these project-focused uses, the structure includes a revolving credit sublimit intended to support working capital, advance equipment purchases, and other general corporate purposes.

Deutsche Bank led the financing. PEI Global Partners served as the exclusive financial advisor to Heelstone. Norton Rose Fulbright US LLP represented the company as Borrower’s Counsel, while Paul Hastings LLP served as Lenders’ Counsel. Heelstone currently manages a diversified portfolio of more than 5 GW of solar, wind, and battery energy storage assets across the U.S. The company aims to deploy over 1 GWac of tax credit-qualifying projects by the end of 2028. Within the next year alone, more than 600 MWac of capacity is expected to be contracted and begin construction. The new facility will help the company efficiently finance the substantial deposits required as it continues to advance and de-risk its portfolio.

CEO Mike Weich stated that securing this financing represents an important step in Heelstone’s growth, providing the flexibility needed to accelerate the development of critical renewable energy infrastructure nationwide. He added that the facility also demonstrates the strong confidence lenders have in Heelstone’s long-term strategy and capabilities as it continues building toward a fully integrated IPP model. Alejandro Ciruelos, Partner – USA at Qualitas Energy, noted that supporting Heelstone’s expansion reflects Qualitas Energy’s commitment to driving the energy transition through disciplined investment and operational excellence.

He emphasized the strength of Heelstone’s platform and its ability to deliver the next generation of clean energy projects. Jeremy Eisman, Head of Infrastructure & Energy Financing at Deutsche Bank, commented that the bank is pleased to have provided the underwritten financing and remains committed to offering tailored financial solutions that enable clients like Heelstone to pursue their development ambitions confidently.