Qualitas Energy, a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure, announced today the acquisition of a development-stage solar photovoltaic (PV) project in the United States, with a planned capacity of 164 MWp.
The asset, located in Illinois within the Midcontinent Independent System Operator (MISO) market, has been acquired from Bechtel Enterprises. Notice to Proceed (NTP) is expected in the second quarter of 2028, with Commercial Operation Date (COD) targeted for the third quarter of 2029. The project has 100% site control, is fully permitted and benefits from strong local community support, having received unanimous approval as part of the county permitting process.
Qualitas Energy will leverage its integrated investment, development and asset management capabilities to further de-risk the asset and advance it into its next phases, including the optimisation of offtake strategy, procurement, construction planning and financing. The project also offers additional value creation potential through the future integration of up to 64 MWac of battery energy storage capacity, which could support the structuring of a bundled solar-plus-storage power purchase agreement (PPA), enhancing its commercial flexibility and long-term revenue profile.
In addition, the asset benefits from a favourable interconnection position within the MISO market and offers strong commercial optionality, with access to both the Minnesota and Illinois hubs. This provides a broad range of potential offtake routes, including corporate and industrial customers, hyperscalers, traditional utilities and public renewable energy procurement programmes.
This transaction was undertaken through Qualitas Energy Fund VI, the firm’s latest flagship vehicle, launched at the end of 2025.
“This acquisition reflects Qualitas Energy’s disciplined investment approach and its ability to identify high-quality renewable energy assets with strong value creation potential. The project combines advanced development status, strong fundamentals and multiple commercialisation pathways in one of the country’s most attractive power markets. This transaction also underscores the strategic relevance of the United States for Qualitas Energy,” said Alejandro Ciruelos, Partner – US at Qualitas Energy.
Qualitas Energy was advised by Norton Rose Fulbright (legal), Sargent & Lundy (technical), and Leo Berwick (financial and tax).
About Qualitas Energy
Qualitas Energy is a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure. Since 2006, the Qualitas Energy team has dedicated over €14 billion to the energy transition worldwide. These investments have been deployed through six vehicles: Fotowatio / FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, Qualitas Energy V, and Qualitas Energy Credit Fund. Qualitas Energy’s existing portfolio currently comprises 11 GW of operational and development-stage renewable energy assets – including solar PV, concentrated solar power (CSP), wind, energy storage, hydroelectric power, and renewable natural gas – across Spain, Germany, the United Kingdom, Italy, Poland, Chile, and the United States. Over the past five years, Qualitas Energy has generated enough energy to supply 1.7 million homes and has successfully avoided the emission of 1.5 million metric tons of CO2 equivalent. The Qualitas Energy team consists of more than 500 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh.
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