Birch Creek Development and Fundamental Renewables, a provider of debt financing for renewable energy projects, entered an agreement in which Fundamental Renewables will increase its existing credit facility with Birch Creek to $250 million.
Proceeds from the credit facility will fund the development and construction of utility scale solar projects in Birch Creek’s portfolio as well as strategic acquisitions in key markets. In addition, the credit facility supports Birch Creek’s solar module procurement strategy, a key component of the company’s growth plan.
Birch Creek focuses on the development and financing of utility scale solar and storage projects in the United States. Since 2019, the company has successfully financed over 700 megawatts. Birch Creek has more than five gigawatts of utility scale solar pipeline in various stages of development across MISO, PJM, Texas and the Southeast.
“We are thrilled to strengthen our relationship with Fundamental Renewables,” Dan Siegel, CEO of Birch Creek, said. “This enhanced credit facility lets us execute on our current pipeline and target new opportunities in our core markets, while also giving us the financial backing necessary to pursue our strategic objectives. Fundamental Renewables has been an incredible partner to us over the last three years and our collaboration has resulted in a significant deployment of renewable energy in the United States.”
“Birch Creek has developed an impressive pipeline of executable solar and storage projects,” Mark Dominé, managing director of Fundamental Renewables, said. “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.”
