Heelstone Renewable Energy, a utility-scale renewable energy platform and a Qualitas Energy company, has commenced construction on three solar photovoltaic (PV) projects in Illinois with a combined installed capacity of 86 MW, following the projects’ Final Investment Decision (FID), financial close, and execution of Engineering, Procurement and Construction (EPC) agreements.
The portfolio comprises the 40 MW Two Blues Solar project and the 28 MW Snapdragon Solar project in Perry County, along with the 18 MW Pike Solar project in Fayette County. All three projects are expected to achieve commercial operation by the end of 2026.
The projects have transitioned from late-stage development into construction after Heelstone executed EPC agreements with Knobelsdorff Energy, which will deliver engineering, procurement, and construction services for the three solar assets.
Construction is supported by non-recourse project financing secured at the asset level, providing the debt and tax equity commitments required to fund both construction and long-term operations. The financial close was completed on July 20, 2026.
As part of the financing package, Stonehenge Capital provided tax equity investments for all three projects, while ING Capital LLC acted as Sole Bookrunner, Coordinating Lead Arranger, Green Loan Structuring Bank, and Administrative Agent. ING Capital also provided a tax equity bridge facility and a construction-to-term loan to support project execution.
The projects are backed by long-term Corporate Power Purchase Agreements (CPPAs) with Meta, covering the full environmental attribute output of the portfolio and providing long-term revenue certainty.
Alejandro Ciruelos, Partner, U.S. at Qualitas Energy, said the Final Investment Decisions underscore the strength of Heelstone’s development pipeline in one of its core markets. He added that the projects mark another step in the company’s strategy to expand into a fully integrated independent power producer capable of developing, financing, constructing, and operating renewable energy assets across the United States.
Mike Weich, CEO of Heelstone Renewable Energy, said the combination of long-term CPPAs with Meta and non-recourse debt and tax equity financing provides the projects with a strong commercial and financial foundation. He noted that construction is now underway and the projects remain on track for commercial operation by the end of 2026.
Edmund Wong, Director at ING Capital LLC, said the financing reflects the lender’s continued support for Heelstone Renewable Energy and Qualitas Energy. He added that ING has participated in two financings for Heelstone over the past six months and looks forward to supporting the company’s continued portfolio expansion.
The latest milestone builds on Heelstone’s previous financial closings completed in December 2025 and March 2026 for two solar projects totaling 206 MW, further strengthening the company’s renewable energy development and operating portfolio in the United States.
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