Birch Creek Energy Completes Financing for 49MW Earp Solar
Earp Solar Becomes First Fully Financed and Operational Asset for Birch IPP
ST. LOUIS, June 24, 2024 /PRNewswire-PRWeb/ -- Birch Creek Energy, LLC ("Birch Creek"), a St. Louis based renewable energy company, announced the completion of financing and full operation of Earp Solar, a 47MW utility scale solar project based in Illinois. Earp Solar represents the first project to become fully financed and operational in Birch Creek's independent power producer entity (the "IPP") and is the first of several which are slated to come on line this year.
"Bringing Earp Solar to completion is a transformational event for Birch Creek," said Dan Siegel, CEO of Birch Creek. "We announced our IPP strategy mid 2023, and since then have worked aggressively to complete the construction and financing of 6 projects in MISO territory totaling 342MW. Earp Solar represents the first of these projects and we are grateful to our partners who helped get us here."
Tax equity was arranged through Foss & Co., permanent debt was provided by West Town Bank & Trust, and construction capital was underwritten and funded by Pathward®, N.A.
"Earp Solar exemplifies Foss & Company's commitment to driving positive change in the renewable energy landscape. Our tax equity investment in this exciting project used an inverted lease structure which optimized economics for all involved," stated Bryen Alperin, Partner and Managing Director, Foss & Company. "This marks our second successful deal with Birch Creek and our third deal with their project finance lead. We are thrilled to be a part of the Earp Solar project, and look forward to many future deals with the Birch Creek team."
"We would like to sincerely thank all of our partners for supporting the financing of our first IPP asset," added Max Whitacre, EVP of Project Finance for Birch Creek. "We are thrilled to have achieved this milestone and look forward to continued financings through these relationships as we build out our IPP this year and beyond."
Earp Solar is a 49MWdc solar project based in Warren County, Illinois. The project is sited on 229 acres and connects to Ameren Illinois. Earp Solar generates enough clean electricity to power over 7,300 homes.
About Birch Creek Energy
Birch Creek Energy, a utility scale solar development platform, develops, finances and owns utility scale solar and storage projects in the United States. Since 2019, Birch Creek Energy has developed 1.7 gigawatts (GW) of solar projects and has a portfolio of over 14.2 gigawatts (GW) of utility scale solar and storage projects in various stages of development and operation across MISO, PJM, ERCOT and the Southeast. Birch Creek Energy has 52 employees and is based in St. Louis, Missouri. For more information, visit www.birchcreekenergy.com.
About Foss & Company
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax equity investments. For additional information, visit www.fossandco.com.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com.
About West Town Bank & Trust
West Town Bank & Trust is a dedicated financing partner for solar energy, specializing in the efficient application of the USDA's Rural Energy for America Program. With its specialized renewable energy team, West Town streamlines access to development capital with creative financing solutions. West Town has authorized over $1 billion in solar financing since 2016, facilitating industry innovation, the growth of clean energy, and rural economic development. The bank is chartered in Illinois with headquarters in Raleigh, North Carolina. For more information about West Town Bank & Trust, visit www.westtownbank.com.
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SOURCE Birch Creek Energy
