CohnReznick Capital Advises Azimuth Renewables on Sale of 300MW Solar Portfolio
Azimuth Renewables (“Azimuth”), a full-service solar developer based in St. Louis, has sold a 300MW late-stage solar portfolio to Birch Creek Development, a renewable energy development platform focused on the utility-scale solar market.
CohnReznick Capital acted as the exclusive financial advisor to Azimuth on the transaction.
The seven-project utility-scale portfolio, located in the Midwest, has targeted commercial operation dates in 2023.
“Azimuth is thrilled to be working with Birch Creek on our Midwest portfolio,” said David Bunge, President of Azimuth Renewables. “The Birch team has the experience and resources we were looking for in a partner, and we look forward to working with them to see these projects through to completion.”
“This portfolio is a terrific fit for our business and we’re pleased to have the opportunity to work with Azimuth on such high-quality development assets,” said Chris Norqual, Chief Operating Officer of Birch Creek Development. “We are excited to take the next steps together and deploy more clean energy to the Midwest in the near future.”
“We are honored to advise Azimuth on this bellwether MISO portfolio sale,” said Richard O’Day, Senior Managing Director at CohnReznick Capital. “David and team created significant value with their unique development approach and expertise in MISO.”
For additional details on this transaction, please contact Richard O’Day.
About Azimuth Renewables
Azimuth Renewables is a full-service solar energy development company with the capability to take projects from origination through construction. Based in St. Louis, Missouri, Azimuth has a proven track record working closely with local communities to deliver clean, affordable solar power. Azimuth has transacted on over 1GW of utility-scale solar projects throughout the United States. These projects range from 25MW to over 200MW. Azimuth is actively developing partnerships with investor-owned utilities and rural cooperatives nationwide.
About Birch Creek Development
Birch Creek Development (“Birch”) is a utility-scale solar developer with 5 GW of active solar and storage development pipeline across MISO, PJM, Texas, and the U.S. Southeast. Since inception, Birch has placed 28 projects in-service, totaling 315 MW. Birch recently completed NTP financing on an additional 6 projects, or 226 MW. The Company is focused on the execution of greenfield and varying stage acquisition opportunities. Birch has a growing team with extensive industry experience, while continuing to develop new strategic partnerships spanning project development, finance, EPC and O&M services.