St. Louis-based Birch Creek Energy, LLC has finalized financing and begun operations for the 42MW Altona Solar project in Missouri.
Birch Creek's IPP Strategy Gains Momentum
This facility, along with the recently completed 49MW Earp Solar project in Illinois marks the second of several projects scheduled to come online this year as part of Birch Creek's independent power producer (IPP) strategy.
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"We cannot thank our financing partners enough for their invaluable support as we complete our first project in our home state of Missouri. It is such a pleasure working with the Celtic and West Town teams, and we look forward to continued financings with both relationships as we continue to build out our IPP” said Max Whitacre, EVP of Project Finance for Birch Creek.
Celtic Bank and West Town Bank Back Altona Solar
Altona Solar is a 42MW DC solar project based in Audrain County, Missouri. The project is situated on 208 acres and connects to Ameren Missouri. Altona Solar generates enough clean electricity to power over 6,300 homes. Celtic Bank provided tax equity for this project and also participated in financing the previously completed Earp project. Permanent debt financing was supplied by West Town Bank & Trust.
"Celtic Bank is honoured to reinforce our commitment to the renewable energy sector by providing tax equity for Birch Creek's impactful projects. Our focus on strategic lending and investing in the renewable energy sector aligns perfectly with Birch Creek's ambitious utility-scale solar and storage projects. We are confident that our continued financial partnership will facilitate the successful realization of these and future projects." stated Justin Fuller, SVP of Renewable Energy Finance at Celtic Bank
"We are proud to support the clean energy infrastructure Birch Creek is developing in the state of Missouri. The success of our industry banks on strong partnerships, and we look forward to continuing to support Birch Creek alongside their partners as they grow through the Altona project," said Riddick Skinner, EVP of Government Lending at West Town Bank & Trust.
Partnerships’ Commitment to Renewable Solutions
Birch Creek Energy is involved in the development, financing and ownership of utility-scale solar and storage projects across the United States. Since 2019, the company has developed 1.7 gigawatts (GW) of solar projects and has a portfolio exceeding 14.2 GW of utility-scale solar and storage projects in various stages of development and operation across MISO, PJM, ERCOT and the Southeast. Birch Creek Energy has 56 employees and is based in St. Louis, Missouri.
Celtic Bank is an industrial bank that specializes in a wide array of financing solutions for businesses. Initially focused on small business lending through the SBA loan program, Celtic Bank has consistently ranked among the top 10 SBA lenders nationwide by dollar volume. Over the years, the bank has broadened its offerings through partnerships with financial technology firms and expanded its assets in sectors such as renewable energy, equipment, asset-based lending (ABL), software and franchising. This growth has enabled the bank to serve a diverse range of commercial customers across various industries and stages of development. It was founded in 2001 and based in Salt Lake City, Utah.
West Town Bank & Trust is a committed financing partner for solar energy with expertise in leveraging the USDA's Rural Energy for America Program. With a specialized renewable energy team, West Town provides streamlined access to development capital through innovative financing solutions. Since 2016, the bank has authorized over $1 billion in solar financing, driving industry innovation, clean energy growth and rural economic development. The bank is chartered in Illinois with headquarters in Raleigh, North Carolina.