Qualitas Energy has signed an agreement to acquire US renewable energy platform Heelstone Renewable Energy, from funds and other accounts managed by Ares Management.
Heelstone, headquartered in Chapel Hill, North Carolina, holds a 20GW portfolio, comprising solar and storage assets, including 179MW operational, 175MW under construction, and the remainder as ready-to-build, and in-development projects.
With a track record spanning over a decade, Heelstone’s portfolio features projects across the United States.
Post-acquisition Heelstone will continue its operations as an independent business within Qualitas Energy, with its management team remaining intact.
Furthermore, this transaction will “significantly propel” the company’s growth trajectory, he;ping it progress from developer to a US independent power producer.
Inigo Olaguibel, Founding Partner & CEO of Qualitas Energy, said: “This acquisition aligns perfectly with Qualitas Energy’s long-term goals, accelerating the development of renewable energy projects in the United States.
“We are committed to re-establishing it as one of our core markets, leveraging our expertise and successful track record, along with the favourable environment for energy transition projects and the strong and valuable capabilities from Heelstone.”
Mike Roth, a Partner in the Ares Infrastructure Opportunities strategy, said: “Since our investment in 2019, we have been very proud of what the Heelstone team has accomplished, particularly in its contributions toward decarbonising the electric grid.
“We are excited to watch Heelstone’s continued success alongside Qualitas Energy.”
Justin Gravatt, CEO of Heelstone, added: “Heelstone is very fortunate to have had the opportunity to work with Ares since 2019 through a very successful partnership and period of growth.
“With the closing of this acquisition, the Heelstone team is looking forward to the next phase of growth through our partnership with Qualitas Energy.
“We are very excited to have the opportunity to work with world-class investors as we look to leverage our past successes into the continued evolution of our IPP platform going forward.”
The transaction is expected to close in the coming months, subject to customary regulatory approvals.
Qualitas Energy was advised by Macquarie Capital (M&A), Linklaters (legal), Black & Veatch (technical), Leo Berwick (tax), Deloitte (financial) and Willis Towers Watson (insurance).
Heelstone was advised by Jefferies LLC and Guggenheim Securities, LLC (financial) and Morgan Lewis (legal).