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USA Core Market Again: Qualitas Energy Acquires US Company From Ares Management

Berlin, Germany - Qualitas Energy has announced the acquisition of the US company Heelstone Renewable Energy. Heelstone, based in Chapel Hill, North Carolina, is managed by Ares Management and is a leading renewable energy and fund management platform. The transaction is expected to close in the coming months, subject to customary regulatory approvals.

Heelstone holds a 20 GW portfolio of solar PV and storage assets, including 179 MW in operation and 175 MW under construction. The majority of the pipeline consists of ready-to-build projects that are still under development. Heelstone will continue to operate as an independent company within the Qualitas Energy Group. The management team will remain in place and will continue to contribute its extensive project lifecycle expertise and deep understanding of the US renewable energy sector.

"This acquisition aligns perfectly with Qualitas Energy’s long-term goals, accelerating the development of renewable energy projects in the United States. 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", explains Iñigo Olaguíbel, Qualitas Energy Founding Partner and CEO.

For Qualitas Energy, this move marks a return to the United States, where the company was already invested in 2008 through its first fund, Fotowatio Renewable Ventures. At that time, Qualitas Energy built a 1.4 GW photovoltaic portfolio managed by an experienced 40-person team based in San Francisco.

Source: IWR Online, 31 Jan 2024