Norton Rose Fulbright represents Heelstone in the financing of three solar projects

Global law firm Norton Rose Fulbright advised Heelstone Renewable Energy, LLC (Heelstone), a utility-scale renewable energy platform and a Qualitas Energy company, on a financing and tax equity commitment supporting the development of three solar projects in Illinois. The financing included a construction-to-term, revolving tax equity bridge and letters of credit facility and closed on July 20, 2026.

The portfolio consists of the 40 MWac Two Blues Solar and the 28 MWac Snapdragon Solar projects in Perry County, as well as the 18 MWac Pike Solar project in Fayette County. Together, the projects have a combined installed capacity of 86 MWac and are expected to reach commercial operation by the end of 2026.

Each of the three projects is party to a separate long-term power purchase agreement with Meta, pursuant to which Meta purchases the environmental attributes generated by the respective project. Stonehenge Capital arranged the tax equity investment, and ING Capital LLC acted as the sole bookrunner, coordinating lead arranger, green loan structuring bank and administrative agent.

"This financing highlights Heelstone's ability to execute on a growing renewable energy pipeline and reflects continued investor confidence in well-structured clean energy projects," said Christy Rivera, who co-led Norton Rose Fulbright's representation. "We were pleased to support Heelstone in obtaining financing for these projects as demand for reliable renewable generation continues to grow."

The financing marks another significant step in Heelstone's development of utility-scale renewableenergy across the United States, adding clean energy generation capacity to the grid while advancing the use of corporate renewables procurement.

Norton Rose Fulbright's team was led by Christy Rivera (New York) and Hilary Lefko (Washington, DC) and included Ibrahim Basit (Houston), Daniel Too, Laura Salazar Alvarez (New York) and Gabriela Larralde (Washington, DC).

The firm's projects practice is one of the largest of its kind with more than 350 lawyers across 50 offices acting on some of the world's most innovative, complex and challenging projects. Norton Rose Fulbright was ranked as a top four global project finance legal advisor by volume for 2025, with deals valued at more than US$90 billion in aggregate (IJGlobal Q1, 2026).