Heelstone Renewable Energy closed on a $175 million credit facility with BlackRock Alternatives, through a fund managed by its infrastructure debt business, to fund the initial construction and development of utility-scale solar and battery storage projects. This credit facility provides Heelstone with additional capital to develop and construct its diverse portfolio of solar and battery storage projects of over 11 GW across the U.S. Upon commercial operation of the funded projects, enough electricity will be produced to offset the energy usage of more than 700,000 residential homes.
“We are thrilled to have closed this credit facility with BlackRock, who has been a valuable financing partner and understands our vision and the value creation of investing in renewables. This corporate facility will allow us to continue to grow and provide us with the necessary capital to not only develop our existing pipeline, but to further expand our reach,” Justin Gravatt, CEO of Heelstone, said.
“We are pleased to invest on behalf of our clients with Heelstone,” Jeetu Balchandani, global head of infrastructure debt at BlackRock, said. “This renewables transaction is one of the hallmark deals in our flagship global infrastructure debt fund and demonstrates our ability to provide capital solutions with speed and at scale using a bespoke financing structure.”
