Heelstone Obtains Financing for Five Substantial Solar Projects

Heelstone Renewable Energy LLC has secured funding for the development of three sets of five large utility-scale solar projects totaling 345 MW DC. Work on Lyons Solar, Blackwater Solar, Bird Dog Solar, Hobnail Solar and Wolfskin Solar is currently ongoing and they should be operational before the end of 2021 or the beginning of 2024. Four projects developed by Heelstone are located in Georgia. Heelstone’s Chief Executive Officer, Justin Gravatt, explains that their financial background allowed them to recognize the opportunity, as well as collaborate with capital partners in order to craft a solution that could procure both tax equity and project debt. The efforts of our team invested in these projects have been rewarded with a fruitful financial conclusion. The Fifth Third Bank, National Association, and JPMorgan Chase Bank, National Association, collaborated on arranging around $357 million for debt financing. Four financial institutions, City National Bank, Comerica Bank, First Horizon Bank and United Community Bank, acted together as documentation facilitators. This debt structure will back up the building and running of the projects. In February, Heelstone worked out a $175 million capital agreement with BlackRock Alternatives. Utilizing BlackRock’s corporate finance, Gravatt was able to complete the set-up of the projects to gain the required funding. BlackRock’s corporate center will persistently act as the path that facilitates us in constructing our up to 15 GW pipeline.