US solar developer Birch Creek agrees increased USD-250m loan
Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic
US utility solar developer Birch Creek Development LLC on Tuesday said it has agreed to increase its existing credit facility with debt financing provider Fundamental Renewables to USD 250 million (EUR 243m) to support its growth aspirations.
Birch Creek will use the financing to underpin the development and construction of projects in its portfolio, make acquisitions in key markets, and support its solar module procurement strategy.
"This enhanced credit facility lets us execute on our current pipeline and target new opportunities in our core markets, while also giving us the financial backing necessary to pursue our strategic objectives,” said chief executive Dan Siegel.
Birch Creek says that since its creation in 2019 it has financed more than 700 MW. It also has more than 5 GW in different stages of development in its pipeline across the MISO (Midcontinent Independent System Operator), PJM Interconnection, Texas and the Southeast markets.
The developer has been partnering with Fundamental Renewables, the clean energy investment unit of Fundamental Advisors LP, over the past three years.