Solar developer Heelstone Renewable Energy has started construction on two US solar PV projects with a combined capacity of 206MW.
Both projects are expected to begin commercial operations by the end of 2026. The larger project, the 104MW Alligator Creek project in Wheeler County, is located in the southern state of Georgia, with engineering, procurement and construction (EPC) contractor Pure Power Contractors handling the construction.
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The other solar project, the 102MW Murch facility in Van Buren County, is located in the Midwestern state of Michigan, with EPC contractor Greensol Renewables to complete construction of the PV plant.
Alejandro Ciruelos, a partner at investment platform Qualitas Energy, which acquired Heelstone back in 2024, said that the construction start of the two solar projects accelerates Heelstone’s transition into a fully integrated independent power producer (IPP).
Construction of both PV projects follows the achievement of financial close, which was reached in December 2025 and March 2026 for the Alligator Creek and Murch projects, respectively.
For the Alligator Creek project, Stonehenge Capital provided syndication and asset management services to the Production Tax Credit (PTC) buyer, while US national bank Zions Bancorporation acted as the sole coordinating lead arranger under a construction-to-term loan facility.
Stonehenge was also involved in the Murch project, providing tax equity investment. Financial institutions ING Capital and Norddeutsche Landesbank Girozentrale acted as coordinating lead arrangers and lenders, providing both a tax equity bridge facility and a construction-to-term loan.
Long-term corporate offtake agreements have been secured for both projects with an undisclosed US hyperscale data centre developer.
Since its foundation in 2012, North Carolina-based developer Heelstone has developed or brought into commercial operations over 80 solar PV projects with a combined capacity of 1.2GW.

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