Financing proceeds will be used to support development of over 4GW of solar projects

ST. LOUIS, Oct. 31, 2024 /PRNewswire/ -- Birch Creek Energy, LLC ("Birch Creek"), a utility scale solar and storage developer and independent power producer, and KKR, a leading global investment firm, today announced that Birch Creek has closed on a $150 million credit facility within KKR's High-Grade Asset-Based Finance (ABF) strategy via insurance accounts managed by KKR. The financing extends and upsizes Birch Creek's previous $100 million facility, and it will be used to finance development expenses and equipment for solar farms in the company's development portfolio.

Birch Creek was founded in 2019 and has been primarily focused on a distribution-level utility-scale solar and storage strategy in high-value, liquid markets such as PJM, MISO and ERCOT. The company boasts a large pipeline as well as a successful track record of late-stage asset sales and IPP growth. Birch Creek presently owns 160MW of operating projects in its independent power producer, with an additional 187MW under construction that will place in service over the last 2 months of 2024, bringing the total to 347MW. 

"We are thrilled to have strengthened our relationship with KKR through the renewal and upsize of our credit facility," said Dan Siegel, CEO of Birch Creek. "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. 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."

"Amid increasing global demand for clean energy and storage solutions, we are pleased to provide this enhanced credit facility to Birch Creek within our High-Grade ABF strategy to further the development of its solar and storage project pipeline," said Erich Heintzen, Director at KKR.   

About Birch Creek Energy
Birch Creek Energy, a utility scale solar development platform, develops, finances and owns utility scale solar and storage projects in the United States. Since 2019, Birch Creek Energy has developed 1.7 gigawatts (GW) of solar projects and has a portfolio of over 14.2 gigawatts (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.  For more information, visit www.birchcreekenergy.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.

SOURCE Birch Creek Energy