Utility-scale solar developer Birch Creek eyes restructuring
Birch Creek Energy, a utility-scale solar developer, is exploring a potential financial restructuring.
The St. Louis-based company is understood to be working with Lazard, PeakLoad has learned.
Officials at Birch Creek and Lazard did not respond to calls and emails.
Birch Creek has struggled as cash flows from its operating assets have not kept pace with rising costs associated with its project pipeline, and a growing debt burden, according to industry sources.
The developer in late 2024 closed a $150 million credit facility with KKR’s high-grade asset-based finance strategy via insurance accounts managed by KKR.
At that time, Birch Creek had more than 14.2 GW of solar and battery storage projects in various stages of development and operation across MISO, PJM, ERCOT and the Southeast.
Earlier, in 2022, Fundamental Renewables increased an existing credit facility with Birch Creek to $250 million.