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