Birch Creek Energy, a utility-scale solar and energy storage project developer, announced the completion of financing for the 42 MW Altona Solar project in Audrain County, Missouri. The company also announced that the project is now fully operational.
Celtic Bank provided tax equity, while West Town Bank & Trust provided permanent debt.
“Celtic Bank is honored to reinforce our commitment to the renewable energy sector by providing tax equity for Birch Creek’s impactful projects,” stated Justin Fuller, SVP of Renewable Energy Finance at Celtic Bank. “Our focus on strategic lending and investing in the renewable energy sector aligns perfectly with Birch Creek’s ambitious utility-scale solar and storage projects. We are confident that our continued financial partnership will facilitate the successful realization of these and future projects.”
In June, Birch Creek Energy closed financing for its recently completed 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.
The Altona Solar and Earp Solar projects are among several projects scheduled to reach commercial operations in 2024 as part of Birch Creek’s independent power producer strategy.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Earlier this month, Summit Ridge Energy, a community solar project owner and operator, and HASI, an investor in climate solutions, closed a $309 million back-leveraged term loan on a portfolio of 80 operating community solar projects. Summit Ridge Capital Holdings, a joint venture between Summit Ridge Energy and HASI, owns the projects.
