Birch Creek Energy, LLC ("Birch Creek"), a St. Louis based renewable energy company, announced the acquisition of Foundation Solar Partners ("Foundation Solar"), a Washington DC based solar developer focused on greenfield origination of solar projects primarily in MISO and PJM markets.
Foundation Solar has developed and sold over 800 megawatts (MW) of solar projects and has amassed an additional pipeline of nearly 5 gigawatts (GW) of solar and storage projects in its first 3 years of operation. Foundation Solar has 7 employees with over 65 years of experience at companies including Cypress Creek Renewables and SunEdison. Together, Birch Creek and Foundation Solar have developed over 1.7 GW of solar and storage projects since 2019, and have a combined development pipeline of 13.5 GW in varying stages of development.
"We are excited to add the expertise of Foundation Solar to the Birch team," said Dan Siegel, CEO of Birch Creek. "They not only bring immediate value by materially increasing our portfolio in key markets such as PJM and MISO, but the acquisition of the team brings a proven greenfield engine which will increase our velocity and scale. Todd Cater and Foundation Solar have done an impressive job identifying high-value, compelling markets with multiple execution paths. We are looking forward to bringing these capabilities in-house at Birch Creek and welcome the team."
"We are thrilled to join the Birch Creek platform," said Todd Cater, CEO of Foundation Solar. "The team at Birch Creek has proven execution capabilities in mid to late stage development, project finance and asset ownership. We are excited to bring our experience in greenfield origination, along with our portfolio, to Birch Creek, providing additional optionality for our projects."
Lazard Frères & Co. LLC acted as exclusive financial advisor to the seller, Hull Street Energy. Foley & Lardner LLP acted as legal counsel to Hull Street Energy, and Nelson Mullins Riley & Scarborough LLP acted as legal counsel to Birch Creek. The transaction closed on March 24, 2023.
Combined Highlights
- 13.5 GW pipeline of solar and storage projects
- 7.5 GW of pipeline in PJM and MISO
- 1.7 GW of solar projects developed since 2019
- 30 employees
- Headquarters in St. Louis, Missouri
About Birch Creek Energy
Birch Creek, formed as a utility scale solar development platform in 2019, focuses on the development, financing and ownership of utility scale solar and storage projects in the United States. Since 2019, Birch Creek has developed 872 megawatts (MW) of solar projects and has a pipeline of over 8 gigawatts (GW) of utility scale solar and storage pipeline in various stages of development across MISO, PJM, Texas and the Southeast. Birch Creek has 23 employees and is based in St. Louis, Missouri.
About Foundation Solar Partners
Foundation Solar is an independent renewable development company that specializes in high quality utility-scale solar and storage opportunities in select markets through the United States. Foundation Solar was established in 2019 by a team of accomplished industry veterans who have developed, acquired and managed over 8 GW of renewable resources over the last two decades, with 840 MW developed and sold since inception.
