US PV developer Birch Creek Development has increased its existing credit facility with debt financing provider Fundamental Renewables to US$250 million to pursue its 5GW solar pipeline in the US and support its module procurement strategy.
Announced yesterday (5 July), the increased credit facility will fund the development and construction of Birch Creek’s utility-scale solar portfolio as well as “strategic acquisitions in key markets”, said Birch Creek, which focuses on the development and financing of utility-scale solar and storage projects in the US.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Moreover, the funds will also be used to strengthen Birch Creek’s solar module procurement strategy, which the company said was a “key component” in its growth plan.
Module supply in the US has constricted substantially following supply chain disruptions, trade tariffs and anti-circumvention investigations. PV Tech Premium has laid out the key factors to consider moving forward.
Birch said that, since 2019, it has financed over 700MW of US projects and currently has a project pipeline of 5GW in various stages of development across MISO, PJM, Texas and the Southeast.
“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,” said Dan Siegel, CEO of Birch Creek.
Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP.
