Birch Creek Energy, a St. Louis-based renewable energy company, has announced that its Earp Solar project, a 47MW utility-scale solar facility in Illinois, is now fully financed and operational.
Earp Solar: First Operational Project in Birch Creek’s IPP
Earp Solar is situated on a 229-acre (92.7 ha) site in Warren County, Illinois, and is interconnected with Ameren Illinois. The facility generates enough electricity to power more than 7,300 homes and marks the first project to become fully financed and operational within Birch Creek’s independent power producer entity (IPP), paving the way for several others scheduled to launch this year.
Earp Solar Facility: A 229-acre solar farm powering over 7,300 homes and marking Birch Creek’s first major IPP project.
“In mid-2023, we unveiled our IPP strategy and have since focused on completing construction and financing for six projects totaling 342MW in MISO territory. Earp Solar is the first in this lineup, and we are grateful to our partners who supported us throughout this journey,” said Dan Siegel, CEO of Birch Creek.
Key Financing Partners for the Earp Solar Project
Tax equity was provided by sponsor Foss & Company. West Town Bank & Trust, a solar energy financier, provided the permanent debt, while Pathward, N.A. underwrote and funded the construction capital.
“Earp Solar underscores Foss & Company’s dedication to advancing renewable energy initiatives. Our tax equity investment in this project utilized an innovative lease structure that maximized economic benefits for all stakeholders. This represents our second successful collaboration with Birch Creek and our third with their project finance lead. We are excited to contribute to the Earp Solar project and anticipate future opportunities with the Birch Creek team,” stated Bryen Alperin, Partner and Managing Director at Foss & Company.
“We are sincerely grateful to all our partners for their support in financing our first IPP asset. We’re excited to reach this milestone and look forward to ongoing collaborations as we expand our IPP in the coming years,” added Max Whitacre, EVP of Project Finance for Birch Creek.
About the Key Partners
Birch Creek Energy is a platform focused on utility-scale solar development that develops, finances, and owns large-scale solar and storage projects across the United States. Since 2019, the company has successfully developed 1.7 gigawatts (GW) of solar projects and currently manages a portfolio exceeding 14.2 GW at various stages of development and operation in regions including MISO, PJM, ERCOT, and the Southeast.
Foss & Company is a leading national tax equity investor and fund sponsor. Since its founding in 1983, it has directed more than $8 billion in tax equity investments on behalf of insurance, banking, and other major corporate clients, channeling these funds into historic rehabilitation projects and renewable and advanced energy production facilities.
West Town Bank & Trust is a dedicated financial partner to the solar energy sector, focusing on optimizing the USDA’s Rural Energy for America Program. Through its renewable energy division, West Town simplifies the process of securing development funding by offering innovative financing options. Since 2016, the bank has approved more than $1 billion in solar financing, fostering industry advancements, promoting clean energy expansion, and stimulating rural economic growth.
The Earp Solar project highlights the effective collaboration between Birch Creek Energy and its financial partners, who leveraged innovative financing to drive significant renewable energy development in Illinois. This project not only contributes to local energy needs but also reinforces the ongoing transition toward a cleaner, more sustainable energy future.