Heelstone Renewable Energy, Part Of Qualitas Energy, Secures Funding And Starts Building Two U.S. Solar PV Projects For Hyperscale Data Center Client

Heelstone Renewable Energy, a leading U.S. utility-scale renewable energy platform and part of Qualitas Energy, has begun construction on two major solar photovoltaic (PV) projects in the United States. The projects include the 104 MW Alligator Creek Solar, LLC project in Wheeler County, Georgia, and the 102 MW Murch Solar, LLC project in Van Buren County, Michigan. Together, these two projects will provide a combined installed capacity of 206 MW, further strengthening Heelstone’s presence in the U.S. renewable energy market.

The start of construction follows the achievement of the final investment decision (FID) and the signing of Engineering, Procurement, and Construction (EPC) agreements. Pure Power Contractors, LLC will carry out construction for Alligator Creek, while Greensol Renewables, LLC will manage construction for Murch. Both projects are expected to reach commercial operation by the end of 2026, marking a significant step forward for Heelstone as it transitions from late-stage development to active construction.

The projects are supported by carefully structured, non-recourse project financing, which secured the necessary debt and tax equity commitments to fund both construction and long-term operations. Financial close for the Alligator Creek project was achieved in December 2025, while Murch reached financial close in March 2026.

Several financial and advisory partners have contributed to the successful funding of these projects. For Alligator Creek, Paragon Energy Capital provided financing advisory services, Stonehenge Capital offered syndication and asset management services for the Production Tax Credit investor, and Zions Bancorporation, N.A. acted as the 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, and ING Capital LLC along with Norddeutsche Landesbank Girozentrale served as coordinating lead arrangers and lenders, providing both a tax equity bridge facility and a construction-to-term loan. Both Alligator Creek and Murch are backed by long-term corporate power purchase agreements with a leading U.S. hyperscale data center developer, ensuring stable revenue streams and other strategic benefits.

Alejandro Ciruelos, Partner, US at Qualitas Energy, stated that reaching FID and commencing construction demonstrates the strong execution capabilities of the Heelstone team and the continued momentum of the platform. He added that these milestones accelerate Heelstone’s transition into a fully integrated independent power producer and strengthen its ability to deliver a growing portfolio of renewable energy projects across the country.

Mike Weich, CEO of Heelstone Renewable Energy, noted that the combination of long-term power purchase agreements and fully structured project financing reflects the company’s ability to originate, finance, and construct high-quality utility-scale renewable energy projects. He added that starting construction on Alligator Creek and Murch represents an important step in scaling Heelstone’s platform across key U.S. markets. These achievements follow Heelstone’s recent successful closing of a $200 million senior secured corporate credit facility, which supports the company’s strategic growth objectives and expands its development and operational pipeline.