Supporting the growth of a premier utility-scale renewable energy platform in the US

Macquarie Capital advised Qualitas Energy on its acquisition of Heelstone Renewable Energy

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Sector Infrastructure
Sub-sector Energy and Renewables
Location United States


Heelstone Renewable Energy (Heelstone) is a premier utility-scale renewable energy platform headquartered in Chapel Hill, North Carolina.

Heelstone holds an extensive portfolio of 20 GW comprising solar PV and storage assets; including 179 MW operational and 175 MW under construction, with the remainder being ready-to-build and in-development projects in the United States.1


Macquarie Capital advised Qualitas Energy (Qualitas), a global investment and management platform focused on renewable energy, the energy transition, and sustainable infrastructure investment, on its acquisition of Heelstone.

Under the terms of the agreement, Heelstone will continue its operations as an independent business within Qualitas, with its best-in-class management team remaining intact. The transaction will be invested through Q-Energy V, one of the largest renewable energy funds in Europe, managed by Qualitas, with a size of $US2.7 billion dollars (€2.4 billion euros).


The transaction strategically positions both Heelstone and Qualitas as key players in one of the world’s largest and most rapidly expanding renewable energy markets.

Partnering with Qualitas will significantly propel Heelstone’s growth trajectory, evolving it from a state-of-the-art developer into a comprehensive Independent Power Producer platform in the country.

The acquisition also signifies Qualitas’ re-entry to the US market, where it was previously active in 2008 through Fotowatio Renewable Ventures, representing a significant step in Qualitas’ mission to contribute to the decarbonisation of the global economy, strengthen its position as a global player in renewable energy, and expand its international footprint.

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.”

Iñigo Olaguíbel
Founding Partner and CEO
Qualitas Energy

20 GW

Heelstone’s portfolio in the US

179 MW

Operational assets

175 MW

Assets under construction

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