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Birch Creek Development Secures $250 Million Loan Facility from Fundamental Renewables
July 5, 2022
By PR Newswire
Financing Supports Birch Creek's Growth Ambitions to Scale Solar Development and Greenfield 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 increase its existing credit facility with Birch Creek to $250 million.
Proceeds from the credit facility will fund the development and construction of utility scale solar projects in Birch Creek's portfolio as well as strategic acquisitions in key markets. In addition, the credit facility supports Birch Creek's solar module procurement strategy, a key component of the company's growth plan.
Birch Creek focuses on the development and financing of utility scale solar and storage projects in the United States. Since 2019, the company has successfully financed over 700 megawatts (MW). Birch Creek has 5+ gigawatts (GW) of utility scale solar pipeline in various stages of development across MISO, PJM, Texas and the Southeast.
"We are thrilled to strengthen our relationship with Fundamental Renewables," said Dan Siegel, CEO of Birch Creek. "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. Fundamental Renewables has been an incredible partner to us over the last three years and our collaboration has resulted in a significant deployment of renewable energy in the 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 provide."
Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP ("Fundamental"). Fundamental has extensive experience investing in public purpose and community assets, including renewable energy, and provides the expertise and added flexibility to offer new and complementary financing solutions.
About Birch Creek Development
Birch Creek formed as a utility scale solar development platform in 2019 and focuses on the development and financing of utility-scale solar and storage projects in the United States. Birch Creek has 5 gigawatts (GW) of pipeline in various stages of development across 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, public purpose and community assets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in 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.
Media Contacts:
Birch Creek Development
Paul Clarke
paul@echo-factory.com
Fundamental Advisors
Jon Keehner / Woomi Yun / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
