Earp Solar becomes first fully funded 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 solar project based in Illinois. Earp Solar represents the first project to become fully funded and operational in Birch Creek’s independent power producing entity (the “IPP”) and is the first of several scheduled to come online this year.
Earp Aerial – Southeast corner
Earp Aerial – South end
“Bringing Earp Solar to completion is a transformational event for Birch Creek,” he said Dan Siegel, CEO of Birch Creek. “We announced our IPP strategy in 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 for 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 equity was underwritten and financed 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 utilized a reverse lease structure that optimized economics for all involved,” said Brian 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 happy 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 our partners for supporting the financing of our first IPP assets,” added Max Whitacre, EVP of Project Finance for Birch Creek. “We are pleased to have reached this milestone and look forward to continued funding through these relationships as we build our IPP this year and beyond.”
Earp Solar is a 49MWdc solar project based in Warren County, Illinois. The project is located on 229 acres and is adjacent to Ameren Illinois. Earp Solar generates enough clean electricity to power more than 7,300 homes.
About Birch Creek Energy
Birch Creek Energy, a utility solar development platform, develops, finances and owns utility solar and storage projects in United States. Since 2019, Birch Creek Energy has developed 1.7 gigawatts (GW) of solar projects and has a portfolio of more than 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 more than $8 billion in tax equity on behalf of insurance, banking, and other large business clients in 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®, NA, a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a US-based financial empowerment company driven by its mission to empower financial inclusion. Pathward strives to increase financial availability, choice and opportunities in our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and companies. Learn more at Pathward.com.
About West Town Bank & Trust
West Town Bank & Trust is a dedicated solar energy financing partner, 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.
SOURCE Birch Creek Energy