Heelstone Renewable Energy, a Qualitas Energy company, has started construction on two solar photovoltaic (PV) projects in the US with a combined capacity of 206MW.
The projects are supported by long-term corporate power purchase agreements (PPAs) with a US hyperscale data centre developer.
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The 104MW Alligator Creek Solar facility is located in Wheeler County, Georgia, and the 102MW Murch Solar project is in Van Buren County, Michigan.
Heelstone expects both plants to reach commercial operation by the end of 2026.
Non-recourse project-level financing will fund the construction and long-term operation of the two assets.
Alligator Creek reached financial close in December 2025 and Murch closed in March 2026, securing debt and tax equity commitments for each project.
For Alligator Creek, Paragon Energy Capital advised Heelstone on the financing. Stonehenge Capital offered syndication and asset management services to the production tax credit buyer, while Zions Bancorporation acted as sole coordinating lead arranger under a construction-to-term loan facility.
For the Murch project, CG/CRC-IB advised on the financing process. Stonehenge Capital supplied the tax equity investment, and ING Capital together with Norddeutsche Landesbank Girozentrale acted as coordinating lead arrangers and lenders, delivering both a tax equity bridge facility and a construction-to-term loan.
Construction of the two projects follows final investment decisions and the signing of engineering, procurement and construction contracts.
Heelstone appointed Pure Power Contractors for Alligator Creek and Greensol Renewables for Murch, moving the projects from late-stage development into the build phase.
Heelstone Renewable Energy CEO Mike Weich said: “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 US markets.”
These project milestones follow Heelstone’s recent completion of a $200m senior secured corporate credit facility, which the company has stated will support its broader development and operating pipeline.
