Heelstone starts construction on 86MW Meta-backed solar portfolio in Illinois

Construction follows the projects reaching Final Investment Decision (FID) and the execution of Engineering, Procurement and Construction (EPC) agreements with Knobelsdorff Energy for all three assets, marking the portfolio’s transition from late-stage development into construction. Commercial operation is expected by the end of 2026.

The start of construction has been supported by the successful structuring and closing of non-recourse project financing at the asset level, securing the required debt and tax equity commitments to fund construction and long-term operations. Financial close was reached on July 20, 2026. Stonehenge Capital provided the tax equity investment for Two Blues Solar, Snapdragon Solar and Pike Solar, and ING Capital LLC acted as the Sole Bookrunner, Coordinating Lead Arranger, Green Loan Structuring Bank and Administrative Agent, providing both a tax equity bridge facility and a construction-to-term loan.

All three projects are backed by long-term Corporate Power Purchase Agreements (CPPAs) with Meta for the entire environmental attribute output of the projects.

Alejandro Ciruelos, Partner, U.S. at Qualitas Energy, said: “These final investment decisions demonstrate the strength and quality of Heelstone’s development pipeline in one of our core markets, where we are continuing to build a significant presence. They represent an important step in scaling the platform into a fully integrated independent power producer, with the capabilities to originate, finance, construct and operate renewable energy assets across the United States.”

Mike Weich, CEO of Heelstone Renewable Energy, commented: “Securing long-term CPPAs with Meta, alongside non-recourse debt and tax equity financing, provides these projects with a strong commercial and financial foundation and long-term revenue visibility. With construction now underway, Two Blues, Snapdragon and Pike are advancing toward commercial operation by the end of 2026.”

Edmund Wong, Director at ING Capital LLC added: “ING is pleased to partner with Heelstone Renewable Energy and support Qualitas Energy on this financing. We are proud to have played a leading role in two separate financings for Heelstone over the past six months, underscoring our commitment to supporting premier developer-owner-operators in the renewable energy sector. We look forward to continuing our partnership with Heelstone as it executes on its next phase of growth and expands its portfolio of renewable energy assets.”

This milestone follows Heelstone’s successful financial closings in December 2025 and March 2026 for two solar projects with a combined installed capacity of 206 MW, further advancing the company’s strategic growth objectives and supporting the expansion of its development and operating portfolio.