Heelstone secures funds for 345 MW of US solar projects

Jun 5, 2023 12:46 PM ET
  • US utility-scale solar developer Heelstone Renewable resource LLC has actually secured USD 357 million (EUR 333.9 m) in the red funding to support the building and construction and operations of 5 utility-scale solar projects with a consolidated straight current (DC) capacity of concerning 345 MW.
Heelstone secures funds for 345 MW of US solar projects

The 5 under-construction projects are Lyons Solar, Blackwater Solar, Guardian Solar, Hobnail Solar and Wolfskin Solar. The sites, four of which lie in Georgia, are expected to come to be functional in late 2023 or early 2024.

"The Georgia projects are an end result of years of effort as well as strategic moves by Heelstone to finance a variable rate PPA in a regulated power market," Heelstone's CEO Justin Gravatt claimed in journalism launch recently.

The funding was co-arranged by Fifth Third Bank as well as JPMorgan Chase Bank, with City National Bank, Comerica Bank, First Horizon Bank and also United Community Bank acting as co-documentation representatives.

Heelstone at the beginning of the year also shut a USD-175-million credit center with BlackRock Alternatives to money the initial construction as well as advancement of utility-scale solar and also battery storage space projects.

"BlackRock's corporate facility will certainly continue to be the bridge that enables us to develop our over 15 GW of pipe," Gravatt said in the most recent statement.

Heelstone, managed by US investment supervisor Ares, has a portfolio comprising more than 1.2 million solar panels that generate 750 million kWh annually, according to the firm's website.

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