Birch Creek Energy, LLC ("Birch Creek"), a St. Louis based renewable energy company, announced the completion of financing and full operation of Altona Solar, a 42MW utility scale solar project based in Missouri. This facility, along with the recently completed 49MW project Earp Solar in Illinois, represents the second of several projects slated to come on-line this year as part of Birch Creek's independent power producer ("IPP") strategy.
"We cannot thank our financing partners enough for their invaluable support as we complete our first project in our home state of Missouri," added Max Whitacre, EVP of Project Finance for Birch Creek. "It is such a pleasure working with the Celtic and West Town teams, and we look forward to continued financings with both relationships as we continue to build out our IPP."
Tax equity was provided by Celtic Bank, who in addition to providing financing for this project, participated on the previously completed Earp project. Permanent debt was provided by West Town Bank & Trust.
"Celtic Bank is honored to reinforce our commitment to the renewable energy sector by providing tax equity for Birch Creek's impactful projects," stated Justin Fuller, SVP of Renewable Energy Finance at Celtic Bank. "Our focus on strategic lending and investing in the renewable energy sector aligns perfectly with Birch Creek's ambitious utility-scale solar and storage projects. We are confident that our continued financial partnership will facilitate the successful realization of these and future projects."
"We are proud to support the clean energy infrastructure Birch Creek is developing in the state of Missouri," said Riddick Skinner, EVP of Government Lending at West Town Bank & Trust. "The success of our industry banks on strong partnerships, and we look forward to continuing to support Birch Creek alongside their partners as they grow through the Altona project."
Altona Solar is a 42MWdc solar project based in Audrain County, Missouri. The project is sited on 208 acres and connects to Ameren Missouri. Altona Solar generates enough clean electricity to power over 6,300 homes.
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 Celtic Bank
Founded in 2001 and headquartered in Salt Lake City, Utah, Celtic Bank is an industrial bank specializing in a diverse range of financing solutions for businesses. The bank's early focus was in small business lending through the SBA loan program and Celtic continues to consistently rank in the top 10 SBA lenders nationwide by dollar volume. Over the years, the bank has expanded its offerings through financial technology partnerships and has grown its assets in other sectors, including renewable energy, equipment, asset-based lending (ABL), software and franchising, allowing the bank to assist a broad range of commercial customers across different industries and lifecycles.
About West Town Bank & Trust
West Town Bank & Trust is a dedicated financing partner for solar energy, specializing in the efficient application of the USDA's Rural Energy for America Program. With its specialized renewable energy team, West Town streamlines access to development capital with creative financing solutions. West Town has authorized over $1 billion in solar financing since 2016, facilitating industry innovation, the growth of clean energy, and rural economic development. The bank is chartered in Illinois with headquarters in Raleigh, North Carolina. For more information about West Town Bank & Trust, visit www.westtownbank.com.
