Heelstone Reaches Financial Close, Launches Construction on 206 MW U.S. Solar Projects

Heelstone Renewable Energy, an U.S. utility-scale renewable energy platform and a Qualitas Energy company, announced 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 began after the projects reached final investment decision (FID) and Engineering, Procurement, and Construction (EPC) contracts were executed—appointing Pure Power Contractors, LLC for Alligator Creek and Greensol Renewables, LLC for Murch. The start of construction was supported by the successful structuring and closing of non-recourse, asset-level project financing, securing the necessary debt and tax equity to fund both construction and long-term operations. Financial close for Alligator Creek was achieved in December 2025, followed by Murch in March 2026. 

Paragon Energy Capital served as financial advisor to Heelstone on the Alligator Creek financing. Stonehenge Capital supported the Production Tax Credit investor with syndication and asset management services, while Zions Bancorporation, N.A. acted as the sole coordinating lead arranger for the construction-to-term loan facility. For the Murch project, CG/CRC-IB advised on the financing, with Stonehenge Capital providing tax equity investment. ING Capital LLC and Norddeutsche Landesbank Girozentrale acted as coordinating lead arrangers and lenders, delivering both a tax equity bridge facility and a construction-to-term loan.

Both projects are supported by long-term corporate power purchase agreements (CPPAs) with a major U.S. hyperscale data center developer, along with related contractual benefits.