Heelstone Renewable Energy, an independent power producer and solar project developer, secured $357 million in financing for constructing three portfolios composed of five utility-scale solar projects totaling 345 MW in the US.
All five projects – Lyons Solar, Blackwater Solar, Bird Dog Solar, Hobnail Solar, and Wolfskin Solar – are currently under construction and expected to be operational in late 2023 or early 2024. Four projects are located in Georgia and represent projects Heelstone has fully self-developed.
Fifth Third Bank, National Association (Fifth Third) and JPMorgan Chase Bank, National Association (“JPM”) served as co-lead arrangers on the approximately $357 million debt financing with City National Bank, Comerica Bank, First Horizon Bank, and United Community Bank, acting as co-documentation agents. The debt facility will support both the construction of the projects and operations.
“The Georgia projects are a culmination of years of hard work and strategic moves by Heelstone to finance a variable rate PPA in a regulated power market,” said Justin Gravatt, CEO of Heelstone. “Our background in finance enabled us to identify the opportunity and work closely with our capital partners to create a solution capable of securing tax equity and project debt. Heelstone has a long-standing relationship with Fifth Third and was proud to work with them and J.P. Morgan on these projects. Our team has put a lot of effort into these projects, and it’s gratifying to see that effort pay off through a successful financial close.”
According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. Peridot Solar Limited (PSL), a developer, owner, and operator of solar and storage projects and a subsidiary of FitzWalter Capital Limited, recently secured €120 million (~$129 million) bilateral financing from Infranity, an investment firm for the construction of 7 solar PV assets for a total capacity of 178 MW portfolio in Italy.