US PV developer Birch Creek Growth has elevated its present credit score facility with debt financing supplier Elementary Renewables to US$250 million to pursue its 5GW photo voltaic pipeline within the US and help its module procurement technique.
Introduced yesterday (5 July), the elevated credit score facility will fund the event and development of Birch Creek’s utility-scale photo voltaic portfolio in addition to “strategic acquisitions in key markets”, mentioned Birch Creek, which focuses on the event and financing of utility-scale photo voltaic and storage initiatives in the US.
Furthermore, the funds may also be used to strengthen Birch Creek’s photo voltaic module procurement technique, which the corporate mentioned was a “key element” in its development plan.
Module provide within the US has constricted considerably following provide chain disruptions, commerce tariffs and anti-circumvention investigations. PV Tech Premium has laid out the important thing components to think about shifting ahead.
Birch mentioned that, since 2019, it has financed over 700MW of US initiatives and presently has a mission pipeline of 5GW in numerous phases of improvement throughout MISO, PJM, Texas and the Southeast.
“This enhanced credit score facility lets us execute on our present pipeline and goal new alternatives in our core markets, whereas additionally giving us the monetary backing essential to pursue our strategic targets,” mentioned Dan Siegel, CEO of Birch Creek.
Elementary Renewables is the renewable and clear power funding arm of Elementary Advisors LP.