Heelstone Renewable Energy, a Qualitas Energy company, has closed a $200 million senior secured corporate credit facility in US. The facility is intended to support the company’s growing portfolio of utility-scale renewable energy projects, which includes more than 5 GW of solar, wind, and battery energy storage system assets. The transaction supports the company’s progression towards operating as a fully integrated renewable energy independent power producer.
The financing was led by Deutsche Bank. PEI Global Partners acted as the exclusive financial advisor to Heelstone Renewable Energy. Norton Rose Fulbright US LLP served as borrower’s counsel, while Paul Hastings LLP acted as lenders’ counsel. Furthermore, the company is targeting the deployment of more than 1 GWac of tax credit-eligible projects by the end of 2028, with over 600 MWac expected to be contracted and enter construction within the next 12 months, supported by this facility.
The facility enables Heelstone Renewable Energy to issue letters of credit for approved project-related requirements. These include interconnection deposits, obligations under power purchase agreements, project-level financings, and deposits linked to major equipment procurement. Moreover, the financing structure includes a revolving credit sublimit to meet company-level working capital needs, support advance equipment purchases, and cover other general corporate purposes.
