Solar developer Heelstone Renewable Energy has closed a tax equity investment for four solar projects in Georgia, the US, with a cumulative capacity of 320MWdc.
Investment firm Advantage Capital acted as the tax equity syndicator for the utility-scale solar projects in Georgia which are expected to be operational in late 2023/early 2024.
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“This tax equity investment marks a significant milestone for these Georgia projects as we continue our unwavering commitment to transforming the energy landscape through solar power,” said Justin Gravatt, CEO of Heelstone Renewable Energy.
The company added that the tax equity could help it monetise federal tax incentives, such as the investment tax credit.
Tom Bitting, principal of Advantage Capital, commented: “We are pleased to have partnered with Heelstone and invested in renewable energy projects that will not only generate clean power, but also drive positive environmental and social change.”
Heelstone Renewable Energy previously closed a US$175 million credit facility with investment company BlackRock, which provided the company with additional capital to develop and construct its utility-scale solar and battery storage projects of over 11GW across the US.
