• 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.

About Heelstone Renewable Energy
Heelstone Renewable Energy, LLC (“Heelstone”) is a leading U.S. utility-scale solar and storage independent power producer with over a decade of experience across development, project finance, construction and operations. Founded in 2012 and headquartered in Durham, North Carolina, the company has developed and/or brought into commercial operation more than 80 solar PV projects, totalling over 1.2 GW, and continues to expand its development pipeline and operating portfolio nationwide. Heelstone was acquired by Qualitas Energy in 2024. Please visit www.heelstoneenergy.com for further information.

About Qualitas Energy
Qualitas Energy is a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure. Since 2006, the Qualitas Energy team has dedicated over €14 billion to the energy transition worldwide. These investments have been deployed through six vehicles: Fotowatio / FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, Qualitas Energy V, and Qualitas Energy Credit Fund. Qualitas Energy’s existing portfolio currently comprises 11 GW of operational and development-stage renewable energy assets – including solar PV, concentrated solar power (CSP), wind, energy storage, hydroelectric power, and renewable natural gas – across Spain, Germany, the United Kingdom, Italy, Poland, Chile, and the United States. Over the past five years, Qualitas Energy has generated enough energy to supply 1.7 million homes and has successfully avoided the emission of 1.5 million metric tons of CO2 equivalent. The Qualitas Energy team consists of more than 550 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh. Please visit www.qualitasenergy.com for further information.

Media contacts
Henar Hernández
Head of Communications
henar.hernandez@qenergy.com
+34 697 11 68 72

Headland
qualitas@headlandconsultancy.com
+44 7435 546304
+44 7311 369929

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4941906f-aa17-4024-a02e-cbe8e0a692a7