Birch Creek Energy Secures $150 Million Credit Facility from KKR to Fuel Solar Growth
ST. LOUIS, October 31, 2024 – Birch Creek Energy, LLC (“Birch Creek”), a leading developer and operator of utility-scale solar and storage projects, announced today a significant milestone: the closing of a $150 million credit facility secured from KKR, a global investment firm. This funding represents an expansion and upsize of Birch Creek’s previous $100 million facility, underscoring KKR’s confidence in Birch Creek’s growth trajectory.
The newly secured financing will fuel Birch Creek’s ambitious plans to develop and deploy a substantial portfolio of solar projects, targeting key markets like PJM, MISO, and ERCOT. This funding will cover development expenses and equipment procurement for solar farms in Birch Creek’s pipeline, propelling the company towards its goal of building over 4GW of clean energy capacity.
Since its founding in 2019, Birch Creek has established itself as a force in the renewable energy sector, specializing in utility-scale solar and storage solutions. The company boasts a robust pipeline of projects, a strong track record of late-stage asset sales, and a commitment to expanding its independent power producer (IPP) operations. Currently, Birch Creek operates 160MW of solar projects and is nearing completion on an additional 187MW of construction, bringing its total operational capacity to 347MW by the end of 2024.
“We are thrilled to strengthen our partnership with KKR through this expanded credit facility,” said Dan Siegel, CEO of Birch Creek Energy. “This funding empowers us to accelerate the development of solar projects in strategic markets while simultaneously investing in essential equipment for projects nearing construction. We value KKR’s confidence in our unique speed-to-market strategy and are excited to continue our growth trajectory together.”
“The global demand for clean energy and storage solutions is increasing rapidly, and we are proud to support Birch Creek’s mission through our High-Grade Asset-Based Finance (ABF) strategy,” said Erich Heintzen, Director at KKR. “Birch Creek’s commitment to developing clean energy infrastructure aligns perfectly with our investment goals, and we are confident that this partnership will drive significant positive impact in the renewable energy sector.”
About Birch Creek Energy
Birch Creek Energy is a leading developer, financier, and owner of utility-scale solar and storage projects in the United States. Since its inception in 2019, Birch Creek has developed 1.7 gigawatts (GW) of solar projects and currently manages a portfolio exceeding 14.2 gigawatts (GW) of utility-scale solar and storage projects in various stages of development and operation across key energy markets. The company employs 56 individuals and is headquartered in St. Louis, Missouri.
About KKR
KKR is a prominent global investment firm specializing in alternative asset management, capital markets solutions, and insurance services. KKR is committed to generating attractive investment returns through a patient and disciplined approach, leveraging its world-class team and supporting the growth of its portfolio companies and communities. KKR manages private equity, credit, and real asset investment funds and collaborates with strategic partners to manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group.
