Birch Creek Development announced that Fundamental Renewables, the renewable and clean energy investment arm of Fundamental Advisors, will increase its existing credit facility with Birch Creek to $250 million.
The company said it would use the new funding to develop and construct utility-scale solar projects in the United States and strategic acquisitions in key markets. The investments will also support the company’s solar module procurement strategy.
Birch Creek’s primary focus is developing and financing utility-scale solar and storage projects in the United States. According to the company, since 2019, they have successfully funded over 700 MWs of projects. Birch Creek has 5+ GWs of utility-scale solar pipeline in various stages of development across MISO, PJM, Texas, and the Southeast.
“Birch Creek has developed an impressive pipeline of executable solar and storage projects,” said Mark Dominé, Managing Director of Fundamental Renewables. “We are excited to continue working with their talented team to support the development of renewable energy projects nationwide, and we are proud to be part of creating the many environmental benefits these projects will provide.”
Recently, Summit Ridge Energy – an owner and operator of community solar assets – secured $15 million in funding for constructing two lithium-ion battery energy storage systems (BESS) projects totaling 31 MWh in Staten Island, New York. Fundamental Renewables provided the financing through two loans.
According to Mercom’s Q1 2022 solar funding and M&A report, announced debt financing for the solar sector in Q1 2022 totaled $3.8 billion, a 137% increase compared to Q4 2021 when $1.6 billion was raised.
Earlier this year, Pivot Energy, a solar provider that develops, finances, builds, owns, and manages solar and energy storage projects, closed a $190 million financing facility to support a 90 MW multi-state portfolio of distributed solar generation projects. Silicon Valley Bank (SVB) led the debt facilities, which include a construction loan, tax equity bridge loan, and permanent loan, coupled with the tax equity investment from Foss.