Global investment and management platform Qualitas Energy 'returns' to the US renewables market with the acquisition of Heelstone Renewable Energy along with its 20 GW strong solar PV and storage assets.
Qualitas will make this investment through Q-Energy V that it claims to be one of the largest renewable energy funds in Europe with a size of €2.4 billion ($2.7 billion). The transaction is expected to close in the coming months.
Offloaded by funds and accounts managed by Ares Management, Heelstone currently has 179 MW of operational capacity along with 175 MW under construction. The remaining capacity comprises ready-to-build and in-development projects.
The definitive agreement signed between Qualitas and Ares will enable Heelstone to evolve from a state-of-the-art developer into a comprehensive IPP platform in the US, stated the new owner of the company. Heelstone will continue to operate as an independent business within Qualitas Energy.
Qualitas also says this transaction will enable it to invest in the US once again as it was previously active here in 2008 through its 1st vehicle Fotowatio Renewable Ventures (FRV). It sold the Spanish renewables company to Abdul Latif Jameel in April 2015.
Its global operational and development energy portfolio totals 5 GW, spread across Spain, Germany, the UK, Poland, Italy and Chile.
"This acquisition aligns perfectly with Qualitas Energy's long-term goals, accelerating the development of renewable energy projects in the United States," said Qualitas Energy's Founding Partner & CEO, Iñigo Olaguíbel. "We are committed to re-establishing it as one of our core markets, leveraging our expertise and successful track record, along with the favorable environment for energy transition projects and the strong and valuable capabilities from Heelstone."
The Inflation Reduction Act (IRA) has made the US solar market a hot property with several investments announced across the value and supply chain. Investors like Qualitas would want to strengthen their presence in this growing market.
Recently, BlackRock picked up a 20% stake in Canadian Solar's North American subsidiary Recurrent Energy that touts a 26 GW solar and 55 GWh storage development pipeline (see Recurrent Energy Lands $500 Million Equity Commitment).