Heelstone Renewable Energy, LLC: Company Profile

Background

Overview

Heelstone Renewable Energy, LLC is a leading U.S. utility-scale renewable energy developer specializing in the development, construction, and operation of solar and storage projects. Established in 2012 and headquartered in Durham, North Carolina, the company has a proven track record spanning over a decade in bringing utility-scale solar projects to fruition. In May 2024, Heelstone was acquired by Qualitas Energy, a global investment and management platform focused on renewable energy and sustainable infrastructure.

Mission and Vision

Heelstone is committed to accelerating the transition to a sustainable energy future by developing and operating large-scale renewable energy projects that provide clean, reliable, and affordable power to communities across the United States.

Primary Area of Focus

The company's primary focus is on utility-scale solar and storage projects, encompassing the entire project lifecycle from development and financing to construction and operation.

Industry Significance

Heelstone plays a pivotal role in the renewable energy sector, contributing to the diversification of the U.S. energy mix and supporting the nation's goals for reducing greenhouse gas emissions and promoting sustainable energy solutions.

Key Strategic Focus

Core Objectives

• Expansion of Renewable Energy Portfolio: Continuously increasing the capacity and number of renewable energy projects under development and operation.

• Operational Excellence: Ensuring efficient project execution and management to deliver reliable and cost-effective energy solutions.

• Sustainable Growth: Fostering long-term growth through strategic acquisitions and partnerships that enhance the company's capabilities and market presence.

Specific Areas of Specialization

• Utility-Scale Solar Projects: Designing and implementing large-scale solar installations that generate significant amounts of electricity.

• Energy Storage Solutions: Integrating battery storage systems to enhance grid stability and energy reliability.

Key Technologies Utilized

• Photovoltaic (PV) Solar Panels: Utilizing advanced PV technology to convert sunlight into electricity efficiently.

• Battery Energy Storage Systems (BESS): Deploying large-scale battery systems to store excess energy and provide grid support.

Primary Markets Targeted

Heelstone focuses on markets across the United States, with a particular emphasis on regions with favorable regulatory environments and high renewable energy potential.

Financials and Funding

Funding History

• Investment from Ares Management (2019): In August 2019, Heelstone received a significant investment from Ares Management Corporation’s Infrastructure and Power strategy, marking a pivotal point in the company's growth trajectory.

• Acquisition by Qualitas Energy (2024): In May 2024, Heelstone was acquired by Qualitas Energy, a global investment and management platform specializing in renewable energy.

• $175 Million Credit Facility with BlackRock Alternatives (2023): In February 2023, Heelstone secured a $175 million credit facility with BlackRock Alternatives to finance the development and construction of utility-scale solar and battery storage projects across the U.S.

• $357 Million Project Financing (2023): In May 2023, Heelstone closed on approximately $357 million in project financing for five utility-scale solar projects totaling approximately 345 MWDC.

• $200 Million Senior Corporate Credit Facility (2026): In January 2026, Heelstone secured a $200 million senior secured corporate credit facility to support its expanding portfolio of renewable energy projects across the U.S.

Notable Investors

• Ares Management Corporation: Provided a significant investment in 2019 to support Heelstone's growth.

• Qualitas Energy: Acquired Heelstone in 2024, integrating it into its global renewable energy portfolio.

• BlackRock Alternatives: Offered a $175 million credit facility in 2023 to finance Heelstone's renewable energy projects.

Utilization of Capital

The capital raised has been utilized for various strategic initiatives, including:

• Project Development and Construction: Funding the development and construction of utility-scale solar and battery storage projects across the U.S.

• Acquisitions: Expanding the company's project pipeline and operational capabilities through strategic acquisitions, such as the portfolio from Valor Infrastructure Partners in 2025.

• Operational Expansion: Enhancing operational capabilities and market presence through strategic hires and partnerships.

Pipeline Development

Key Pipeline Candidates

• Lyons Solar: A utility-scale solar project located in Georgia, currently under construction.

• Blackwater Solar: Another solar project in Georgia, part of a portfolio of five projects financed in 2023.

• Bird Dog Solar: Located in Georgia, this project is among the five financed in 2023.

• Hobnail Solar: Also in Georgia, part of the 2023 financing portfolio.

• Wolfskin Solar: Another Georgia-based project included in the 2023 financing.

Stages of Development

The projects are at various stages, with some under construction and others in the development phase, targeting operational dates between late 2023 and early 2024.

Target Conditions

These projects aim to provide clean, renewable energy to the grid, contributing to the reduction of greenhouse gas emissions and supporting the transition to sustainable energy sources.

Anticipated Milestones

• Operational Dates: Projects are expected to be operational between late 2023 and early 2024.

• Capacity: The combined capacity of these projects is approximately 345 MWDC.

Technological Platform and Innovation

Proprietary Technologies

Heelstone leverages advanced photovoltaic (PV) solar panel technology and integrates battery energy storage systems (BESS) to enhance grid stability and energy reliability.

Significant Scientific Methods

• Project Finance Expertise: Utilizing extensive knowledge in project finance to structure and secure funding for large-scale renewable energy projects.

• Operational Management: Employing best practices in project execution and management to ensure efficient and reliable energy production.

Leadership Team

Key Executives

• Mike Weich: Chief Executive Officer (CEO). Former CEO of Valor Infrastructure Partners, he joined Heelstone in 2025 following the acquisition of VIP's portfolio.

• Daryl Hart: Chief Development Officer (CDO). Former Chief Development Officer of Valor Infrastructure Partners, he assumed the same role at Heelstone in 2025.

• Hanno Vrolijk: Chief Financial Officer (CFO). Appointed in 2024, he oversees financial, accounting, and asset management functions.

Professional Backgrounds

• Mike Weich: Brings extensive experience in renewable energy development and management, having led VIP prior to joining Heelstone.

• Daryl Hart: Offers deep expertise in onshore renewables, including solar, wind, and battery storage, with a background at VIP.

• Hanno Vrolijk: Former CFO at Repsol, with experience in solar construction and project finance.

Key Contributions

• Mike Weich: Leading the strategic direction and growth of Heelstone as CEO.

• Daryl Hart: Driving development initiatives and expanding Heelstone's project pipeline.

• Hanno Vrolijk: Strengthening Heelstone's financial operations and supporting its expansion plans.

Competitor Profile

Market Insights and Dynamics

The renewable energy sector in the U.S. is experiencing significant growth, driven by policy support, technological advancements, and increasing demand for clean energy. The market is characterized by a diverse range of players, including large utilities, independent power producers, and emerging developers.