Case Studies

Financing Distributed Commercial Solar Projects

Tioga Energy, a leading national developer of distributed commercial solar projects, engaged Birch Tree Capital to accelerate its financing activities.  Tioga owns and operates more than 100 renewable energy systems across the United States, helping its customers to reduce energy costs and hedge against electricity rate volatility while lowering carbon emissions.  Birch Tree Capital led Tioga’s successful financing of several individual solar projects, and helped the company implement financial aggregation structures to combine funding for multiple solar projects.  Read a Case Study about our work with Tioga Energy.

Enabling Solar Power for Towns and Non-Profits

PowerOptions®  is a non-profit energy buying consortium in Massachusetts, enabling its nearly 500 member universities, towns, housing authorities, and other non-profit and public sector entities to achieve energy savings and stability.  PowerOptions asked Birch Tree Capital to help create an innovative program to develop and finance solar projects for its members.  Birch Tree Capital assisted PowerOptions in designing the process to select the solar vendors, interview candidates, qualify their financing strategies.  More than 70MW of solar projects have been contracted to date through PowerOptions’ solar program.  Read a Case Study about our work with PowerOptions.

Creating a Solar and Wind Project Investment Fund

A Massachusetts-based investment firm, Global Energy Investors, wanted to mobilize institutional and private client equity to finance clean power projects. GEI engaged Birch Tree Capital to accelerate the roll-out of a project-oriented investment fund. Birch Tree Capital focused the fund on distributed commercial-scale solar and wind projects, identified developer partners and project opportunities, devised internal project review procedures, and met with potential fund investors. Birch Tree Capital helped the investment firm build a platform for investor capital to participate in the clean power sector. Read a Case Study about our work on the fund.

Investing Institutional Tax-Equity

Birch Tree Capital was the principal equity adviser to a subsidiary of AEGON, a leading global life insurance company, investing in wind and other renewable projects. Birch Tree Capital advised the AEGON unit in tax equity investments in four wind projects aggregating almost 300MW. The Birch Tree Capital team advised on investment terms and negotiations, led the due diligence process, and continues to provide asset management support. One deal was the largest syndicated non-recourse bank financing for a wind power project in North America in 2005 and received Project Finance International magazine’s North American Portfolio Finance Deal of the Year award. Read a Case Study about our work investing tax equity.

Mobilizing Capital Markets Financing

A national bond underwriter just entering the renewable power financing market sought help understanding wind project financing economics.  George K. Baum engaged Birch Tree Capital to advise the firm on wind financing structures and review their financial model structure and assumptions prepared for a proposed bond financing to support a medium-scale wind project. Read a Case Study about our work with George K. Baum.

Financing Innovative Clean Power Technology

Ze-gen, a venture capital-backed clean power start-up with advanced energy technology to convert ordinary wood waste streams into synthesis gas for industrial applications, needed help to finance its pilot and demonstration plants. Birch Tree Capital’s John Harper coordinated Ze-gen’s successful raising of over $20 million in venture debt and Series B equity, enabling the company to complete its pilot plant and speed development of its commercial demonstration facility. Read a Case Study about our work for Ze-gen.

Innovating Project Financing

EDF Renewable Energy is a leading global renewable power developer and investor.  The U.S. unit was known as enXco prior to its acquisition by Electricite de France.  Until the acquisition, enXco had focused on development and sales of small wind projects.  Birch Tree Capital’s John Harper was hired by enXco as their first Director of Finance to secure project financing for their projects.  Mr. Harper closed a debt financing package that aggregated several small projects with a much larger wind project to enable the small projects to obtain competitive debt financing at rates and terms otherwise unavailable in the market place. The transaction was the first wind power deal to close third party tax-oriented equity alongside syndicated commercial bank construction and long-term senior debt and developer equity.