Birch Creek Energy, LLC ("Birch Creek"), a utility scale solar and storage developer and independent power producer, and KKR, a leading global investment ?rm, today announced that Birch Creek has closed on a $150 million credit facility within KKR's High-Grade Asset-Based Finance (ABF) strategy via insurance accounts managed by KKR. The ?nancing extends and upsizes Birch Creek's previous $100 million facility, and it will be used to ?nance development expenses and equipment for solar farms in the company's development portfolio.
Birch Creek was founded in 2019 and has been primarily focused on a distribution-level utility-scale solar and storage strategy in high-value, liquid markets such as PJM, MISO and ERCOT. The company boasts a large pipeline as well as a successful track record of late-stage asset sales and IPP growth. Birch Creek presently owns 160MW of operating projects in its independent power producer, with an additional 187MW under construction that will place in service over the last 2 months of 2024, bringing the total to 347MW.
"We are thrilled to have strengthened our relationship with KKR through the renewal and upsize of our credit facility," said Dan Siegel, CEO of Birch Creek. "Through this facility, we are able to continue the development of solar projects in certain core markets, while also funding select equipment purchases for projects closer to construction. We are proud to work with KKR and appreciate their confidence in our platform as we continue to grow our unique, speed-to-market strategy."
"Amid increasing global demand for clean energy and storage solutions, we are pleased to provide this enhanced credit facility to Birch Creek within our High-Grade ABF strategy to further the development of its solar and storage project pipeline," said Erich Heintzen, Director at KKR.
