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Solar and storage developer Birch Creek Energy has closed a $150 million credit facility within Private equity firm KKR, according to an Oct. 31 press release.
Birch Creek, founded in 2019, currently owns 160 megawatts (MW) of power projects, with an additional 187 MW expected to be in place by year-end 2024.
Birch Creek said the financing extends and upsizes its previous $100 million facility, and it will be used to finance development expenses and equipment for solar farms in the company's development portfolio.
The credit facility is within KKR's asset-based finance strategy via insurance accounts managed by KKR, according to the release.
"Through this facility, we are able to continue the development of solar projects in certain core markets, while also funding select equipment purchases for projects closer to construction,” said Dan Siegel, CEO of Birch Creek. “We are proud to work with KKR and appreciate their confidence in our platform as we continue to grow our unique, speed-to-market strategy."
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