Funding supports Birch Creek’s growth ambitions to expand solar development and new projects nationwide
LOS ANGELES, July 5, 2022 /PRNewswire/ — Birch Creek Development LLC (“Birch Creek”) and Fundamental Renewables, an established provider of debt financing for renewable energy projects, today announced an agreement in which Fundamental Renewables will augment its credit facility existing with Birch Creek for $250 million.
Proceeds from the credit facility will fund the development and construction of large-scale solar projects in Birch Creek’s portfolio as well as strategic acquisitions in key markets. Additionally, the credit facility supports Birch Creek’s solar module sourcing strategy, a key part of the company’s growth plan.
Birch Creek is focused on developing and financing large-scale solar and storage projects in United States. Since 2019, the company has successfully financed over 700 megawatts (MW). Birch Creek has over 5 gigawatts (GW) of utility-scale solar pipeline in various stages of development through MISO, PJM, Texas and the Southeast.
“We are excited to strengthen our relationship with Fundamental Renewables,” said Dan Siegel, CEO of Birch Creek. “This enhanced credit facility allows us to execute our current pipeline and target new opportunities in our core markets, while giving us the financial support needed to pursue our strategic goals. Fundamental Renewables has been an incredible partner for us over the the last three years and our collaboration has resulted in a significant deployment of renewable energies in United States.”
“Birch Creek has developed an impressive pipeline of executable solar and storage projects,” said Mark Dominé, Managing Director of Fundamental Renewables. “We are excited to continue working with their talented team to support the development of renewable energy projects nationwide, and we are proud to be part of creating the many environmental benefits these projects will bring.”
Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP (“Fundamental”). Fundamental has extensive experience investing in utility and community assets, including renewable energy, and provides the expertise and additional flexibility to offer new and complementary financing solutions.
About Birch Creek Development
Birch Creek was established in 2019 as a utility-scale solar development platform and focuses on the development and financing of utility-scale solar and storage projects in United States. Birch Creek has 5 gigawatts (GW) of pipeline in various stages of development through MISO, PJM, Texas and the Southeast. For more information, please visit www.birchcreekdev.com
About Fundamental Advisors
Fundamental is a leading alternative asset manager dedicated to municipal, utility and community assets. Founded in 2007, the firm focuses on targeting control-oriented investments in distressed and distressed assets or securities, financing the development or revitalization of public or community assets and the acquisition of securities undervalued on the secondary market. Fundamental Renewables is the renewable and clean energy investment arm of Fundamental and a leading provider of debt financing for renewable energy projects. For more information, please visit www.fundamental.com.
Birch Creek Development
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SOURCE Birch Creek Development, LLC