Heelstone Renewable Energy, a Qualitas Energy company, reaches financial close and commences construction of three U.S. solar PV projects backed by long-term PPAs with Meta

The projects have a combined installed capacity of 86 MW, and the environmental attributes generated are sold to Meta under long-term Corporate Power Purchase Agreements (CPPAs)
Financial close has been reached across all three assets, with structured capital now in place to fund construction and long-term operations, supported by a group of leading lenders and tax equity partners
This milestone reinforces Heelstone’s continued growth and its ability to execute on a nationwide pipeline of renewable energy projects

DURHAM, N.C., July 21, 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 three solar photovoltaic (PV) projects in Illinois, the United States: the 40 MW Two Blues Solar project in Perry County, the 28 MW Snapdragon Solar project in Perry County, and the 18 MW Pike Solar project in Fayette County, representing a combined installed capacity of 86 MW.

Construction follows the projects reaching Final Investment Decision (FID) and the execution of Engineering, Procurement and Construction (EPC) agreements with Knobelsdorff Energy for all three assets, marking the portfolio’s transition from late-stage development into construction. Commercial operation is expected by the end of 2026.

The start of construction has been supported by the successful structuring and closing of non-recourse project financing at the asset level, securing the required debt and tax equity commitments to fund construction and long-term operations. Financial close was reached on July 20, 2026. Stonehenge Capital provided the tax equity investment for Two Blues Solar, Snapdragon Solar and Pike Solar, and ING Capital LLC acted as the Sole Bookrunner, Coordinating Lead Arranger, Green Loan Structuring Bank and Administrative Agent, providing both a tax equity bridge facility and a construction-to-term loan.

All three projects are backed by long-term Corporate Power Purchase Agreements (CPPAs) with Meta for the entire environmental attribute output of the projects.

Alejandro Ciruelos, Partner, U.S. at Qualitas Energy, said: “These final investment decisions demonstrate the strength and quality of Heelstone’s development pipeline in one of our core markets, where we are continuing to build a significant presence. They represent an important step in scaling the platform into a fully integrated independent power producer, with the capabilities to originate, finance, construct and operate renewable energy assets across the United States.”

Mike Weich, CEO of Heelstone Renewable Energy, commented: “Securing long-term CPPAs with Meta, alongside non-recourse debt and tax equity financing, provides these projects with a strong commercial and financial foundation and long-term revenue visibility. With construction now underway, Two Blues, Snapdragon and Pike are advancing toward commercial operation by the end of 2026.”

Edmund Wong, Director at ING Capital LLC added: “ING is pleased to partner with Heelstone Renewable Energy and support Qualitas Energy on this financing. We are proud to have played a leading role in two separate financings for Heelstone over the past six months, underscoring our commitment to supporting premier developer-owner-operators in the renewable energy sector. We look forward to continuing our partnership with Heelstone as it executes on its next phase of growth and expands its portfolio of renewable energy assets.”

This milestone follows Heelstone’s successful financial closings in December 2025 and March 2026 for two solar projects with a combined installed capacity of 206 MW, further advancing the company’s strategic growth objectives and supporting the expansion of its development and operating portfolio.

About Heelstone Renewable Energy
Heelstone Renewable Energy, LLC (“Heelstone”) is a leading U.S. utility-scale solar, wind, 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 http://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 500 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/6284a6f0-a2ea-40bc-8986-1e2d60609dff

Qualitas Energy/Heelstone Two Blues Solar PV Project

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