M&A: Birch Creek in advanced talks to raise majority equity stake; BNP Paribas running process
Birch Creek is in the later stages of a process to raise majority equity stake, NPM has learned.
The company engaged BNP Paribas to run the process.
The Saint Louis-based company has 347 MW in operating assets, another 110 MW under construction, and is close to bringing other projects into construction by the end of the third quarter.
An entity—Longleaf Holdings—supported by Birch Creek’s initial founders owns a 60.95% stake in the company. Irradiant Partners, presently being acquired by an affiliate of Apollo is a minority member.
“Having successfully seeded our IPP with its initial assets, we are seeking aligned partners who wish to support the growth of our operating portfolio,” said the company’s CEO Dan Siegel, in an interview with NPM, who declined specifics on the process.
Birch Creek’s development capital structure consists of a credit facility with KKR and a separate facility with Fundamental Renewables.
The below NPM Interconnection Queue Applications chart (desktop only) highlights Birch Creek’s pre-operational project pipeline based on NPM’s Market Research, showing pre-operational projects in ERCOT, PJM, and Southeast.
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