Headwater Energy, a North Carolina-based integrated solar power producer, is seeking to raise USD 50m-100m in project debt as development capital in 2024, CEO Patrick Leibach told Infralogic.

The quantum is dependent on the outcome of the requests for proposal (RFPs) that are opened currently, and this money would help them to carry to the point of medium-term planning stage, he added.

It seeks to develop and advance its existing pipeline of projects by actively looking to acquire projects. Leibach said that there is an inflection point in any project when the cost of continuing development jumps up. He seeks to acquire projects that are managed by non-integrated developers.

The company has two late-stage development projects coming at the end of 2024 and 2025, and each of these would need USD 100m in project financing.

Headwater currently operates 50-60 solar projects, mainly in the Southeast, with an installed capacity of 4.2 gigawatts and expects to add 20 new projects each year after 2024, the CEO said.

Headwater Energy is a result of the 2023 merger between Aspen Creek Power and Oakhurst Energy Development. Matt McGovern and Mike Cohen, the co-founders of Aspen, are “material shareholders” in the company, Leibach said.