Birch Creek Energy Secures $65M Investment for Solar Projects Expansion
Deal News | Mar 17, 2025 | Pgim Private Capital Ltd
PGIM Private Capital has invested over $65 million in Senior Secured Notes into Birch Creek Energy's subsidiary BCD 2025 Fund 1 MM, LLC. This investment will support the construction and operation of two solar projects with a total capacity of 35 MW located in Frederick County, Maryland. PGIM Private Capital is a private debt provider associated with PGIM, the investment management division of Prudential Financial. Alongside this new investment, PGIM's renewable portfolio in North America and Europe now exceeds $4.3 billion. Birch Creek Energy is an experienced developer and owner of utility-scale solar and storage projects across the U.S., boasting a pipeline of 14.2 GW in development. The collaboration aims to deepen the relationship between PGIM and Birch Creek, as highlighted by Max Whitacre, VP of Project Finance for Birch Creek.
Sectors
- Renewable Energy
- Private Equity
Geography
- United States – The investment is directed towards solar projects in Maryland, reflecting the geographical focus on U.S.-based renewable energy projects.
- North America – PGIM's extensive involvement in renewable energy across this region is emphasized in the statement of their portfolio scope.
Industry
- Renewable Energy – The sector involves investment and development in sustainable energy resources such as solar power, which is the focus of Birch Creek's projects.
- Private Equity – PGIM Private Capital's role as an investor in this deal provides financial structuring and funding for large-scale projects.
Financials
- $65 million – The size of the investment made by PGIM Private Capital into Birch Creek Energy's solar projects.
- $4.3 billion – Total value of PGIM Private Capital's renewable energy portfolio across North America and Europe.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PGIM Private Capital Ltd. | Investor | Company | The private capital arm of PGIM, involved in providing private debt for public and private ventures. |
| Birch Creek Energy | Developer/Financier | Company | A developer of utility-scale solar and storage projects across the U.S., recipient of the investment. |
| Prudential Financial, Inc. | Parent Company | Company | The parent of PGIM, providing significant investment management services through its subdivisions. |
| Ingrida Soldatova | Senior Principal | Person | A senior principal at PGIM Private Capital who commented on the investment. |
| Max Whitacre | Executive Vice President | Person | Executive Vice President of Project Finance for Birch Creek, involved in facilitating the project and relationship with PGIM. |