Foundation Solar is a Washington, D.C., based solar developer focused on greenfield origination of projects primarily in the MISO and PJM markets. The company has developed and sold more than 800 MW in solar projects and has amassed an additional pipeline of nearly 5 GW of solar and storage projects in its first three years of operation.
Together, Birch Creek and Foundation Solar have developed more than 1.7 GW of solar and storage projects since 2019, and have a combined development pipeline of 13.5 GW in varying stages of development.
“We are excited to add the expertise of Foundation Solar to the Birch team,” said Dan Siegel, CEO of Birch Creek. “They not only bring immediate value by materially increasing our portfolio in key markets such as PJM and MISO, but the acquisition of the team brings a proven greenfield engine which will increase our velocity and scale. Todd Cater and Foundation Solar have done an impressive job identifying high-value, compelling markets with multiple execution paths. We are looking forward to bringing these capabilities in-house at Birch Creek and welcome the team.”
Lazard Frères & Co. LLC acted as exclusive financial advisor to the seller, Hull Street Energy. Foley & Lardner LLP acted as legal counsel to Hull Street Energy, and Nelson Mullins Riley & Scarborough LLP acted as legal counsel to Birch Creek. The transaction closed on March 24, 2023.
Listen to more in-depth conversations on Solar Builder's YouTube channel
Our most popular series include:
Power Forward! | A collaboration with BayWa r.e. to discuss higher level industry topics.
The Buzz | Where we give our 2 cents per kWh on the residential solar market.
The Pitch | Discussions with solar manufacturers about their new technology and ideas.