Qualitas Energy has finalized an agreement to acquire Heelstone Renewable Energy, a prominent US renewable energy platform, from funds and other managed accounts by Ares Management. The North Carolina-based Heelstone boasts a substantial 20GW portfolio, encompassing operational solar and storage assets of 179MW, 175MW under construction, and additional capacity designated as ready-to-build or in development.
With a robust track record spanning over a decade, Heelstone operates diverse projects across the United States. Following the acquisition, Heelstone will maintain its autonomy as an independent entity under Qualitas Energy, preserving its existing management team.
This strategic move is poised to significantly advance Qualitas Energy's growth trajectory, transitioning the company from a developer to a prominent player in the US independent power production sector.
Inigo Olaguibel, Founding Partner & CEO of Qualitas Energy, expressed enthusiasm about the acquisition, stating, “This aligns perfectly with Qualitas Energy's long-term goals, accelerating the development of renewable energy projects in the United States.”
Mike Roth, a Partner in the Ares Infrastructure Opportunities strategy, commended Heelstone's achievements in decarbonizing the electric grid since their investment in 2019. Roth expressed excitement about Heelstone's continued success alongside Qualitas Energy.
Justin Gravatt, CEO of Heelstone, acknowledged the successful partnership with Ares since 2019 and looks forward to the next phase of growth through the collaboration with Qualitas Energy. Gravatt emphasized the team's excitement about working with world-class investors as they evolve their Independent Power Producer (IPP) platform.
The transaction, subject to customary regulatory approvals, is expected to conclude in the coming months. Qualitas Energy received advisory support from Macquarie Capital (M&A), Linklaters (legal), Black & Veatch (technical), Leo Berwick (tax), Deloitte (financial), and Willis Towers Watson (insurance). Heelstone's advisors include Jefferies LLC and Guggenheim Securities, LLC (financial) and Morgan Lewis (legal).
