Heelstone Renewable Energy Closes on Tax-Equity Financing
with Advantage Capital on Four Utility Scale Projects totaling approximately 320 MW DC
CHAPEL HILL, N.C. & NEW YORK–(BUSINESS WIRE)–Heelstone Renewable Energy, LLC (“Heelstone”) is thrilled to announce the successful closure of a tax equity investment with Advantage Capital, a leading impact investor that provides flexible financing solutions to expand access to renewable energy.
Advantage Capital acted as the tax equity syndicator for Heelstone’s four Georgia utility-scale solar projects currently under construction: Bird Dog Solar, Blackwater Solar, Hobnail Solar and Wolfskin Solar totaling approximately 320 MW DC (the “Georgia Projects”). The tax equity financings were closed as part of two separate portfolios. The Georgia Projects are expected to be operational in late 2023/early 2024.
Tax equity is a critical source of funding for renewable energy projects, allowing companies like Heelstone to monetize federal tax incentives, such as the Investment Tax Credit (ITC). By partnering with Advantage Capital, Heelstone has secured a substantial investment that will support the development and construction of four utility scale solar projects in Georgia, fostering economic growth and environmental sustainability. The energy produced by the 4 projects is enough to power over 55,000 homes with clean energy annually.
“This tax equity investment marks a significant milestone for these Georgia Projects, as we continue our unwavering commitment to transforming the energy landscape through solar power,” said Justin S. Gravatt, CEO of Heelstone. “We are proud to partner with Advantage Capital to leverage their expertise and capital resources to advance our shared vision of a cleaner and more sustainable future.”
“We are pleased to have partnered with Heelstone and invested in renewable energy projects that will not only generate clean power, but also drive positive environmental and social change,” said Tom Bitting, Principal, Advantage Capital. “This recent transaction exemplifies our commitment to accelerating the transition to a greener, more equitable world. Together, we are shaping a brighter tomorrow for generations to come.”
About Heelstone
Heelstone is a leading utility-scale solar developer with expertise in development, construction, and operation. It has extensive knowledge of project finance and a proven track record in bringing utility-scale solar projects to fruition. In June 2019, Heelstone received a controlling investment from an account managed by affiliates of Ares Management as a part of the goal to accelerate the development of utility-scale solar projects across the United States. For more information, visit https://heelstoneenergy.com
About Advantage Capital
Advantage Capital is an impact investment firm that provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $4.2 billion in companies from a diverse array of industry sectors and has helped support more than 67,000 jobs. Learn more at Advantagecap.com, or via Twitter or LinkedIn.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
Although Heelstone and Advantage Capital have entered into a business partnership relating to the “Georgia Projects,” Heelstone is not a current client or investor in any private fund advised by Advantage Capital, and Justin Gravatt (Heelstone’s CEO) has not received any direct compensation, whether in cash or non-cash form, for the statements or opinions expressed in this release. There are no known material conflicts of interest on the part of Heelstone or any of its employees or affiliates making or expressing any statements or opinions resulting from Heelstone’s relationship with Advantage Capital.
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