Independent power producer (IPP) Cypress Creek Renewables has closed a US$125 million debt facility to fund the expansion of its solar and storage pipeline.
It is the second time the IPP and Investec have collaborated, with the later acting as a coordinating lead alongside Credit Agricole, East West Bank, National Bank of Canada, Norddeutsche Landesbank, Silicon Valley Bank and Toronto-Dominion Bank.
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It follows Cypress Creek closing a US$450 million debt facility in March, with Australian investment manager Queensland Investment Corporation (QIC) acting as a joint lead arranger, also agreed to help finance the IPP’s pipeline of solar and energy storage projects in the US.
Rebecca Cranna, COO of Cypress Creek, said: “Having partners who are also dedicated to our mission to develop high quality solar and storage projects for a more sustainable future is something to celebrate.”
Both debt facilities come less than a year after Cypress Creek was acquired by private equity firm EQT, a deal the IPP said would help support expanding its fleet of operating assets and scaling its operations and maintenance business.
Last March, Cypress Creek announced a 315MW bifacial module procurement from Maxeon to use in projects in the US states of Washington and Texas.