Construction is underway on three solar photovoltaic projects in Illinois after developer Heelstone Renewable Energy reached financial close on all three assets July 20, 2026.

The projects — the 40-megawatt Two Blues Solar in Perry County, the 28-megawatt Snapdragon Solar also in Perry County, and the 18-megawatt Pike Solar in Fayette County — carry a combined installed capacity of 86 megawatts. Commercial operation is targeted for the end of 2026.

Financing Structure

The three assets reached Final Investment Decision and moved into construction following the execution of engineering, procurement and construction agreements with Knobelsdorff Energy. Non-recourse project financing at the asset level secured the debt and tax equity commitments needed to fund construction and long-term operations.

Stonehenge Capital provided tax equity investment across all three projects, while ING Capital LLC served as sole bookrunner, coordinating lead arranger, green loan structuring bank and administrative agent, supplying both a tax equity bridge facility and a construction-to-term loan.

Power Purchase Agreements

All three projects are tied to long-term Corporate Power Purchase Agreements with Meta, which will purchase the entire environmental attribute output generated by the facilities.

Part of a Broader Buildout

The three Illinois projects follow two earlier financial closings in December 2025 and March 2026 for a pair of solar projects with a combined 206 megawatts of capacity, continuing an active expansion of solar development backed by corporate offtake agreements.

Additionally, solar and clean energy construction continues to advance across the country, with Pleasant Valley Solar 2 Comes Online as Blacks Creek Energy Center Breaks Ground in Idaho.

Factsheet: Heelstone Renewable Energy Illinois Solar Portfolio

• Two Blues Solar: 40 MW, Perry County, Illinois
• Snapdragon Solar: 28 MW, Perry County, Illinois
• Pike Solar: 18 MW, Fayette County, Illinois
• Combined capacity: 86 MW
• Financial close: July 20, 2026
• Expected commercial operation: End of 2026
• EPC contractor: Knobelsdorff Energy
• Tax equity investor: Stonehenge Capital
• Lead financing bank: ING Capital LLC
• Offtaker: Meta (environmental attributes via long-term CPPAs)