Norton Rose Fulbright represents Qualitas Energy-backed Heelstone in renewables portfolio acquisition

Global law firm Norton Rose Fulbright represented Qualitas Energy and its platform company, Heelstone Renewable Energy (Heelstone), in its acquisition of a portfolio of wind and solar development assets and a team of 11 professionals from Valor Infrastructure Partners (VIP).

This is Heelstone’s first acquisition since Qualitas Energy purchased the utility-scale renewable energy platform company in May 2024. With a portfolio of over 5 GW, the transaction supports the company’s evolution into a fully integrated Independent Power Producer (IPP) by expanding its capabilities, technologies and geographic reach.

The team from VIP joining Heelstone as part of the transaction brings highly valued knowledge in solar, wind, battery storage and other onshore renewables. VIP’s former Chief Executive Officer Mike Weich and former Chief Development Officer Daryl Hart will assume their respective roles at Heelstone.

The acquired portfolio includes a Texas solar project with an anticipated capacity of 190 MWp in the advanced stage of development. Subject to development progress, this project is expected to be operational between 2027 and 2028. The portfolio also includes several early-stage onshore wind projects in the western United States.

Led by Becky Diffen (Austin) and Kimberly Franssen (Chicago), Norton Rose Fulbright’s deal team also included Christine Fernandez Owen (Chicago), Todd Schroeder (Dallas), Marjorie Glover (New York), Stefan Reisinger (Washington DC), Robert Shapiro (Washington DC), Jenn Guzman, Bob Greenslade (Denver), Claire Huitt (Washington DC), Birdie Adler (Austin), Alec Mitrovich (San Francisco) and Paulette Gerhart (San Antonio).