Norton Rose Fulbright Advises Qualitas Energy’s Heelstone Renewable Energy on Acquisition of VIP’s Assets and Team.
Global law firm Norton Rose Fulbright has advised Qualitas Energy and its U.S. platform company, Heelstone Renewable Energy, in a key acquisition that expands the company’s reach and capabilities in the renewable energy sector.
Heelstone has acquired a portfolio of wind and solar development assets, along with a team of 11 professionals, from Florida-based Valor Infrastructure Partners (VIP).
This marks the company’s first major deal since being acquired by Qualitas Energy in May 2024.
The transaction adds over 5 gigawatts (GW) to Heelstone’s growing portfolio and furthers its transformation into a fully integrated Independent Power Producer (IPP).
Among the acquired assets is a 190-megawatt (MWp) solar project in Texas, which is expected to begin operating between 2027 and 2028, pending development milestones.
The deal also includes several early-stage onshore wind projects located across the western United States.
In addition to the physical assets, Heelstone will welcome a group of seasoned professionals from VIP, enhancing the company’s in-house expertise in solar, wind, battery storage, and other renewable technologies.
Mike Weich, formerly VIP’s Chief Executive Officer, will now lead Heelstone as its new CEO. Daryl Hart, previously VIP’s Chief Development Officer, will take on the same role at Heelstone.
“This is a pivotal moment for Heelstone,” said Alejandro Ciruelos, Partner and U.S. Country Head at Qualitas Energy. “Bringing in VIP’s team and development pipeline not only expands our technological capabilities but also strengthens our position as a leading player in the U.S. renewable energy market.
We’re well positioned for long-term growth and ready to pursue both organic and acquisition-driven opportunities.”
Based in Durham, North Carolina, Heelstone’s team now numbers around 60 professionals who manage every stage of renewable energy project development. Backed by Qualitas Energy, the company is building a reputation for executing complex renewable projects and capitalizing on the increasing demand for clean energy.
“I’m honored to lead Heelstone at such an exciting time,” said Mike Weich, the company’s new CEO. “With the support of Qualitas Energy and the addition of VIP’s talented team, we’re ready to grow our footprint and accelerate the delivery of high-quality renewable energy projects across the country.”
The Norton Rose Fulbright deal team was led by Becky Diffen (Austin) and Kimberly Franssen (Chicago). The 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).
Norton Rose Fulbright is a leading global law firm with more than 3,000 lawyers advising clients across over 50 locations worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney, and Johannesburg. Established in 1794, the firm provides expertise in sectors such as financial services, energy, and technology. Known for its work in corporate transactions, dispute resolution, and regulatory matters, it serves multinational clients, including corporations, government entities, and financial institutions. The firm is committed to diversity, inclusion, and pro bono work, with a focus on industries essential to the global economy, covering regions such as Europe, the United States, Canada, Latin America, Asia, Australia, Africa, and the Middle East.
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