The investment funds deployment of Project Beech, a 258 MWdc solar photovoltaic project
SAN FRANCISCO, March 21, 2023 /PRNewswire/ -- Foss & Company, a leading institutional investment fund sponsor, announced today that it closed on a tax equity partnership with Birch Creek Energy for approximately $130 million of investment. The investment funds Project Beech, a 258 MWdc solar PV project located in Pecos County, Texas.
"We are proud to be partnering with Birch Creek for the first time on this project," said Bryen Alperin, managing director, Foss & Company. "This is our largest project to-date, and we could not be more excited to be partnering on this project with well-respected developers and lenders. We look forward to continuing to grow this partnership.
This project reduces 425,000 metric tons of carbon dioxide emissions being produced each year, the equivalent to removing 48 million gallons of gasoline consumption or the powering of over 53,000 homes using clean energy.
"We are thrilled to complete this tax equity financing with Foss & Company," remarked Max Whitacre, EVP of Project Finance for Birch Creek. "Project Beech is the first project we have completed that pairs strategic load with traditional energy consumption. Completing this financing is a milestone for all of us and opens up the door to additional financing opportunities for projects with similar profiles within key markets."
About Foss & Company
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into tax credit enhanced transactions including historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise navigating the world of tax equity investments. For additional information, visit www.fossandco.com.
About Birch Creek Energy
Birch Creek, a utility scale solar development platform formed in 2019, develops, finances and owns 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 portfolio of over 8 gigawatts (GW) of utility scale solar and storage projects in various stages of development across MISO, PJM, ERCOT and the Southeast. Birch Creek has 23 employees and is based in St. Louis, Missouri.
For more information, please visit www.birchcreekenergy.com.