Global renewables investment platform Qualitas Energy has acquired US solar and storage platform Heelstone Renewable Energy for an undisclosed sum.
Included in the transaction is Heelstone’s hefty 20GW portfolio of solar and storage projects. The majority of the projects are in the development or ready-to-build stage, with 179MW operational and 175MW under construction. Qualitas said that Heelstone will continue to operate as an independent business within its new owner’s portfolio.
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Heelstone, which is based in Chapel Hill, North Carolina, had hitherto been managed by funds and accounts owned by private equity firm Ares Management Corporation, a company that also owns majority shares in US renewables developer Apex Clean Energy.
The acquisition will facilitate Heelstone’s ongoing transition to become an independent power producer (IPP), with ownership of its projects in addition to its project development history.
Justin Gravatt, CEO of Heelstone said: “Heelstone is very fortunate to have had the opportunity to work with Ares since 2019 through a very successful partnership and period of growth. With the closing of this acquisition, the Heelstone team is looking forward to the next phase of growth through our partnership with Qualitas Energy. We are very excited to have the opportunity to work with world-class investors as we look to leverage our past successes into the continued evolution of our IPP platform going forward.”
Qualitas first entered the US market in 2008 through its Spanish solar developer subsidiary Fotowatio Solar Renewable Ventures, which it sold in 2015 to the Dubai-based Abdul Latif Jameel Energy and Environmental Services.
This deal marks its return to the US market at a time when renewable energy projects are drawing attention and finance as a result of the Inflation Reduction Act’s (IRA) tax incentives.
Iñigo Olaguíbel, founding partner & CEO of Qualitas Energy said: “This acquisition aligns perfectly with Qualitas Energy’s long-term goals, accelerating the development of renewable energy projects in the United States. We are committed to re-establishing it as one of our core markets, leveraging our expertise and successful track record, along with the favourable environment for energy transition projects and the strong and valuable capabilities from Heelstone.”
Investment firms like Qualitas have been seeking out large renewable energy portfolio ownership in the US in recent months, as projects are particularly valuable at the moment; Brookfield Renewables and Exus Asset Holdings have made big acquisitions in the last year, amongst others. This is according to analysis from Wood Mackenzie, who spoke to PV Tech Premium last week.