Solar Developer Heelstone Gets Investment From Ares, Launches Rebranding


Heelstone Energy, a utility-scale solar developer, received an investment from Ares Management Corp.’s infrastructure and power (AIP) strategy. Concurrently, Heelstone Energy has rebranded to Heelstone Renewable Energy LLC (HRE) and introduced a new logo and website.

Based in Chapel Hill, N.C., Heelstone Renewable Energy has developed a solar portfolio of 500 MW and is actively developing a project pipeline of over 1.5 GW.

“With the flexible capital solutions, deep industry expertise and support from the AIP team, HRE will continue to expand its development capabilities and reach as a utility-scale solar developer,” states Will Owens, CEO and board member of HRE.

Keith Derman, partner and co-head of AIP, adds, “HRE is our ninth investment in the solar sector and provides our clients with access to one of the fastest-growing segments of the power industry.”

AIP invests in cash-generating, value-added infrastructure assets with strong downside protection and the potential for capital appreciation throughout the climate infrastructure, natural gas generation and energy transportation sectors. The AIP strategy has deployed over $8 billion in infrastructure projects and companies and is supported by 26 investment professionals.

Holly Vandergrift, HRE’s marketing director, says, “The company’s rebrand reflects HRE’s commitment to the development of clean and sustainable power. HRE continues to consistently reach significant milestones over the years, and now, with the support from Ares, we are well-positioned for our next phase of growth.”

Marathon Capital LLC acted as exclusive financial advisor to Heelstone Energy on the investment.

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