Heelstone Renewable Energy, an independent power producer and solar project developer, announced the successful closure of a tax equity investment for four solar projects totaling 320 MW in Georgia.
The financial terms of the transaction were not disclosed.
Advantage Capital acted as the tax equity syndicator for Heelstone’s four Georgia utility-scale solar projects currently under construction: Bird Dog Solar, Blackwater Solar, Hobnail Solar and Wolfskin Solar, totaling approximately 320 MW DC (the “Georgia Projects”). The tax equity financings were closed as part of two separate portfolios. The Georgia Projects are expected to be operational in late 2023/early 2024.
By partnering with Advantage Capital, Heelstone has secured a substantial investment to support the development and construction of four utility-scale solar projects in Georgia, fostering economic growth and environmental sustainability. The energy produced by the 4 projects is enough to power over 55,000 homes with clean energy annually.
“This tax equity investment marks a significant milestone for these Georgia Projects as we continue our unwavering commitment to transforming the energy landscape through solar power,” said Justin S. Gravatt, CEO of Heelstone. “We are proud to partner with Advantage Capital to leverage their expertise and capital resources to advance our shared vision of a cleaner and more sustainable future.”
“We are pleased to have partnered with Heelstone and invested in renewable energy projects that will not only generate clean power but also drive positive environmental and social change,” said Tom Bitting, Principal, Advantage Capital. “This recent transaction exemplifies our commitment to accelerating the transition to a greener, more equitable world. Together, we are shaping a brighter tomorrow for generations to come.”
According to Mercom’s recently released 1H and Q2 2023 Solar Funding and M&A Report, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023. Grenergy, a solar, wind, and storage independent power producer, secured $148 million in green financing for the Gran Teno and Tamango solar projects located in Chile, with a combined capacity of 300 MW.