Heelstone Renewable Energy For 2 Utility -Scale Solar Projects
Commercial Operation Expected By Year-End 2026
Heelstone Renewable Energy (Heelstone), a US utility-scale renewable energy platform and a Qualitas Energy company, announced that it has commenced construction on two solar photovoltaic (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. The projects have a combined capacity of 206 MW.
Construction follows the achievement of the 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 the 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 providing syndication and asset management services to the Production Tax Credit buyer and Zions Bancorporation, NA, acting 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, 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.
According to Heelstone, both projects are backed by long-term corporate power purchase agreements (CPPAs) with a leading US hyperscale data center developer, together with associated benefits.
“Reaching FID and commencing construction on these projects demonstrates the strong execution capabilities of the Heelstone team and the continued momentum of the platform,” said Alejandro Ciruelos, partner, US at Qualitas Energy. “This milestone accelerates Heelstone’s transition into a fully integrated independent power producer, strengthening its ability to deliver a growing portfolio of renewable energy projects across the United States.”
“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,” said Mike Weich, chief executive officer of Heelstone Renewable Energy. “The start of construction on Alligator Creek and Murch marks another important step in scaling our platform across key US markets.”
These milestones follow Heelstone’s closing of a US$200 million senior secured corporate credit facility, further advancing the company’s strategic growth objectives and supporting its expanding development and operating pipeline.
