Construction follows the achievement of final investment decision and the execution of Engineering, Procurement, and Construction agreements with Pure Power Contractors, LLC for Alligator Creek and with Greensol Renewables, LLC for Murch, marking the transition of the portfolio from late-stage development into the construction phase. Commercial operation of the two facilities is expected by the end of 2026.
The launch of construction has been underpinned by the successful structuring and closing of non-recourse project financing at asset level, securing the required debt and tax equity commitments to fund construction and long-term operations. Financial close for Alligator Creek was reached in December 2025, while Murch closed in March 2026.
Both projects are backed by long-term corporate power purchase agreements with a leading U.S. hyperscale data center developer, together with associated benefits.
Alejandro Ciruelos, Partner, US at Qualitas Energy, commented, “Reaching FID and commencing construction on these projects demonstrates the strong execution capabilities of the Heelstone team and the continued momentum of the platform. This milestone accelerates Heelstone’s transition into a fully integrated independent power producer, strengthening its ability to deliver a growing portfolio of renewable energy projects across the United States.”
Mike Weich, CEO of Heelstone Renewable Energy, added, “Backed by long-term PPAs and fully structured project financing, these projects reflect our ability to originate, finance, and build high-quality utility-scale renewable assets. The start of construction on Alligator Creek and Murch marks another important step in scaling our platform across key U.S. markets.”
These milestones follow Heelstone’s recent successful closing of a $200 million senior secured corporate credit facility, further advancing the company’s strategic growth objectives and supporting its expanding development and operating pipeline.
