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According to Power Technology, construction has commenced on two solar photovoltaic projects in the United States with a combined capacity of 206 megawatts. The developer, Heelstone Renewable Energy, which is part of Qualitas Energy, expects both facilities to start commercial operations by the end of 2026.
The 104-megawatt Alligator Creek Solar project is situated in Wheeler County, Georgia, while the 102-megawatt Murch Solar project is located in Van Buren County, Michigan. Both initiatives are backed by long-term corporate power purchase agreements with a hyperscale data center developer based in the US.
Financing for the construction and long-term operation of the projects is non-recourse and at the project level. The Alligator Creek project achieved financial close in December 2025, and the Murch project closed in March 2026, with each securing debt and tax equity commitments.
For the Alligator Creek financing, Heelstone received advisory services from Paragon Energy Capital. Zions Bancorporation served as the sole coordinating lead arranger for a construction-to-term loan. Stonehenge Capital provided syndication and asset management services to the production tax credit buyer.
Regarding the Murch project, CG/CRC-IB advised on the financing. Stonehenge Capital supplied the tax equity investment, and ING Capital together with Norddeutsche Landesbank Girozentrale acted as coordinating lead arrangers and lenders, providing a tax equity bridge facility and a construction-to-term loan.
The move into construction follows final investment decisions and the execution of engineering, procurement, and construction contracts. Heelstone selected Pure Power Contractors for the Alligator Creek project and Greensol Renewables for the Murch project, advancing them from late-stage development.
The company’s chief executive stated that these projects, supported by long-term power purchase agreements and complete project financing, demonstrate its capability to originate, finance, and construct utility-scale renewable assets. He noted that beginning construction represents a significant step in expanding the company’s presence in important US markets.
These developments follow Heelstone’s recent completion of a senior secured corporate credit facility valued at 200 million dollars, which the company indicates will support its wider development and operating pipeline.
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