Foundation Solar has developed and sold over 800 MW of solar projects. It has an additional pipeline of nearly 5 GW in operation solar and storage projects.
Together, Birch Creek and Foundation Solar have developed over 1.7 GW of solar and storage projects since 2019 and have a combined development pipeline of 13.5 GW in different stages of development.
The acquisition will enable Birch Creek to increase its presence and scale in the rapidly growing solar and storage markets in the US, especially in the MISO and PJM regions.
“We are excited to add the expertise of Foundation Solar to the Birch team,” said Dan Siegel, CEO of Birch Creek. “They not only bring immediate value by materially increasing our portfolio in key markets such as PJM and MISO, but the acquisition of the team brings a proven greenfield engine that will increase our velocity and scale.”
Todd Cater, CEO of Foundation Solar, said: “We are thrilled to join forces with Birch Creek, a company that shares our vision and values for developing high-quality solar and storage projects that benefit the environment and the communities we serve. We believe that together we can achieve even greater success in the renewable energy industry.”
Lazard Frères & Co acted as the exclusive financial advisor to the seller, Hull Street Energy. Foley & Lardner served as legal counsel to Hull Street Energy, and Nelson Mullins Riley & Scarborough acted as legal counsel to Birch Creek.
According to Mercom’s Q4 and Annual Solar Funding and M&A Report, 128 mergers and acquisition (M&A) transactions were recorded in 2022—the highest since 2010, including eight deals exceeding a billion dollars each. recently, RWE, a German power generation company, has acquired JBM Solar, an independent solar and battery storage developer based in the UK. The acquisition will add a pipeline of more than 6 GW to RWE’s existing portfolio, including 3.8 GW of solar capacity and 2.3 GW of battery storage projects.