Key Takeaways
- Heelstone Renewable Energy reached financial close on July 20, 2026, for three Illinois solar projects with a combined capacity of 86 MW.
- The projects — Two Blues Solar (40 MW), Snapdragon Solar (28 MW), and Pike Solar (18 MW) — are located in Perry and Fayette counties, Illinois.
- All three projects are backed by long-term Corporate Power Purchase Agreements with Meta covering their environmental attribute output.
- Stonehenge Capital provided tax equity financing, while ING Capital LLC served as sole bookrunner and administrative agent on the debt package.
- Commercial operation for all three projects is expected by the end of 2026, following EPC agreements with Knobelsdorff Energy.
Heelstone Renewable Energy Reaches Financial Close on Illinois Solar Portfolio
Heelstone Renewable Energy, a Qualitas Energy company based in Durham, North Carolina, has started construction on three solar photovoltaic projects in Illinois after reaching financial close on July 20, 2026. The Two Blues Solar, Snapdragon Solar, and Pike Solar projects carry a combined installed capacity of 86 megawatts and mark the portfolio's move from late-stage development into active construction.
Three Projects, 86 Megawatts Combined
Two Blues Solar, a 40 MW project in Perry County, and Snapdragon Solar, a 28 MW project also in Perry County, join the 18 MW Pike Solar project in Fayette County. The three assets reached Final Investment Decision before Heelstone signed Engineering, Procurement and Construction agreements with Knobelsdorff Energy. Commercial operation across all three sites is targeted for the end of 2026.
Meta-Backed Power Purchase Agreements
Each project is backed by a long-term Corporate Power Purchase Agreement with Meta, which will buy the full environmental attribute output generated by the solar arrays.
Financing Partners Support Heelstone's Construction Phase
Stonehenge Capital supplied the tax equity investment across all three projects, while ING Capital LLC took on multiple roles in the debt package: sole bookrunner, coordinating lead arranger, green loan structuring bank, and administrative agent. ING also provided a tax equity bridge facility and a construction-to-term loan to fund the build-out.
“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,” said Alejandro Ciruelos, Partner, U.S. at Qualitas Energy.
“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,” said Mike Weich, CEO of Heelstone Renewable Energy.
Growth Plans Ahead For Heelstone Renewable Energy
The new financial close follows two earlier closings for Heelstone in December 2025 and March 2026, covering two additional solar projects with a combined 206 MW of capacity. Heelstone has developed or brought into commercial operation more than 80 solar PV projects totaling over 1.2 GW since its founding in 2012, and was acquired by Qualitas Energy in 2024.
