August 19 (Renewables Now) - Ares Management Corporation (NYSE:ARES), through its Infrastructure and Power (AIP) strategy, has invested in utility-scale solar developer Heelstone Energy.
Based in Chapel Hill, North Carolina, Heelstone Energy has so far developed and achieved commercial operation on more than 60 solar projects with a combined capacity exceeding 500 MW. The pipeline the company is currently working on includes over 1.5 GW of projects.
Following the investment, the solar developer rebranded to Heelstone Renewable Energy LLC (HRE). It plans to use Ares’ backing to enter the next phase of its growth, according to Holly Vandergrift, HRE’s marketing director.
“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,” commented Keith Derman, partner and co-head of AIP.
Marathon Capital LLC served as exclusive financial advisor to Heelstone Energy.