Birch Creek Energy, a utility-scale solar and energy storage project developer, closed financing for its 49 MW Earp Solar project in Illinois. 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 is a project based in Warren County, Illinois. The project is fully operational and generates enough renewable electricity to power over 7,300 households.
“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.
“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 342 MW. Earp Solar represents the first of these projects, and we are grateful to our partners who helped get us here,” said Dan Siegel, CEO of Birch Creek.
According to Birch Creek Energy, since 2019, it has developed 1.7 GW of solar projects and includes a portfolio of over 14.2 GW of utility-scale solar and storage projects in various stages of development and operation across MISO, PJM, ERCOT, and the Southeast.
According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Enel Green Power Australia, a joint venture company co-owned by Enel Green Power and Inpex Corporation, last week secured project financing of over A$190 million (~$126 million) to develop Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system.
