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.
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.
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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.