Heelstone Renewable Energy closed on a $175 million credit facility with BlackRock Alternatives (“BlackRock”), 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,” said Justin Gravatt, CEO of Heelstone.

“We are pleased to invest on behalf of our clients with Heelstone,” said Jeetu Balchandani, Global Head of Infrastructure Debt at BlackRock. “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.”

Heelstone currently has 248 MWAC under construction in Georgia and Pennsylvania and plans to have another 255 MWAC in PJM under construction by end of 2024.

As one of the world’s largest dedicated infrastructure debt providers, BlackRock’s Infrastructure Debt business seeks to be positioned as a preferred lender for sponsors and borrowers seeking custom fit financing solutions on a direct basis. As of December 31, 2022, BlackRock’s Infrastructure Debt business manages over $20 billion in assets under management and has invested over $15 billion in over 140 projects across 19 countries in 4 continents.