Illinois is now home to a new source of clean energy with the completion of the Earp Solar project, a 49 MWdc utility-scale facility developed by St. Louis-based Birch Creek Energy. Now fully financed and operational, the project is generating enough electricity to power more than 7,300 homes in Warren County.
Spanning 229 acres and interconnected with the Ameren Illinois grid, Earp Solar marks a significant milestone for its developer. The project is the first to become operational under Birch Creek Energy’s independent power producer (IPP) strategy, which the company announced in mid-2023. This successful launch spearheads a broader initiative to complete a portfolio of six projects in MISO territory, totaling 342MW.
“In mid-2023, we unveiled our IPP strategy and have since focused on completing construction and financing for six projects,” stated Dan Siegel, CEO of Birch Creek. “Earp Solar is the first in this lineup, and we are grateful to our partners who supported us throughout this journey.”
The project’s financial architecture was built on a collaboration between several key institutions. National tax equity investor Foss & Company provided the tax equity through what it described as an “innovative lease structure that maximized economic benefits for all stakeholders.” The permanent debt was supplied by West Town Bank & Trust, a financier specializing in the solar sector, while Pathward, N.A. underwrote and funded the construction capital.
“Earp Solar underscores Foss & Company’s dedication to advancing renewable energy initiatives,” said Bryen Alperin, Partner and Managing Director at Foss & Company. “This represents our second successful collaboration with Birch Creek and our third with their project finance lead.”
Max Whitacre, EVP of Project Finance for Birch Creek, also celebrated the successful partnership. “We are sincerely grateful to all our partners for their support in financing our first IPP asset,” he commented. “We’re excited to reach this milestone and look forward to ongoing collaborations as we expand our IPP in the coming years.”
The successful commissioning of Earp Solar highlights the growing capacity of specialized financial partnerships to accelerate the energy transition. Foss & Company has facilitated over $8 billion in tax equity investments since 1983, while West Town Bank & Trust has approved more than $1 billion in solar financing since 2016, bolstering the development of renewable energy across the United States.
Sources for Birch Creek Energy Solar Project Powers 7,300+ Homes in Illinois
- Birch Creek Energy: Home
- Birch Creek Completes Altona Solar Financing
- Birch Creek Energy Completes Financing for 49MW Earp Solar
- Projects | Birch Creek Energy
- Birch Creek Energy Secures Financing for 49 MW Earp Solar Project
- Birch Creek Energy Launches Operation of Earp Solar Project
- Earp Solar – Global Energy Monitor
- Birch Creek Energy Completes Financing for 49MW Earp Solar – PR Newswire
- Birch Creek finances and commissions 42MW PV project in Missouri