Monday, July 15, 2024

Birch Creek Energy Completes Financing and Launches Operation of Earp Solar Project in Illinois

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Representational picture. Credit: Canva

Birch Creek Energy, LLC, a renewable vitality firm primarily based in St. Louis, introduced the completion of financing and the beginning of full operations for Earp Solar, a 47MW utility-scale photo voltaic venture situated in Warren County, Illinois. Earp Solar is the primary venture to be absolutely funded and operational underneath Birch Creek’s unbiased energy producer entity (IPP) and is the primary of many initiatives set to return on-line this yr.

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“Bringing Earp Solar to completion is a transformative occasion for Birch Creek,” mentioned Dan Siegel, CEO of Birch Creek. “Since asserting our IPP technique in mid-2023, we now have been aggressively working to finish the development and financing of six initiatives within the MISO territory, with a complete of 342MW. Earp Solar represents the primary of those initiatives, and we’re grateful to our companions who helped get us right here.

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The venture’s tax fairness was organized by Foss & Co., with everlasting debt offered by West Town Bank & Trust, and building capital underwritten and financed by Pathward, NA

“Earp Solar demonstrates Foss & Company’s dedication to driving constructive change within the renewable vitality panorama,” mentioned Bryen Alperin, Partner and Managing Director of Foss & Company. “Our tax fairness funding on this thrilling venture makes use of an inverted lease construction that optimizes economics for all concerned. This marks our second profitable deal at Birch Creek and our third cope with their venture finance lead.We are delighted to be part of the Earp Solar venture and sit up for many future offers with the Birch Creek staff.

Max Whitacre, EVP of Project Finance for Birch Creek, added, “We wish to sincerely thank all of our companions for supporting the financing of our first IPP asset. We are happy to have achieved this milestone and sit up for continued funding by these relationships as we construct our IPP this yr and past.

Earp Solar, a 49MWdc venture situated on 229 acres, connects Ameren Illinois and generates sufficient clear electrical energy to energy 7,300 houses.



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