Cypress Creek closes US$125m debt facility to fund solar, storage pipeline

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Cypress Creek latest debt facility of US$125 million will further fund the growth of its solar and storage pipeline. Image: Cypress Creek Renewables.

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.

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.

14 June 2022
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2022 & 2023. We'll also be gathering the main players in the US solar market for some wine tasting!
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

May 26, 2022
US solar and energy storage developer Borrego will spin off and sell its development business, including its more than 8.4GW PV project pipeline, to investment firm ECP.
May 26, 2022
Danish developer Better Energy has partnered with Finish solar company Forus to develop more than 1GW of solar PV in Finland.
May 26, 2022
Spanish utility Iberdrola will invest €3 billion (US$3.2 billion) in green hydrogen, the company’s chairman, Ignacio Galán, has announced as he called for a stable European framework to boost investment in the technology.
May 26, 2022
The Solar Media Podcast returns to discuss the continued rise of TOPCon PV modules and energy storage demand throughout Europe.
May 25, 2022
Energy storage solutions provider Convergent Energy + Power has completed a solar-plus-storage plant in Upstate New York that was built as a ‘non-wires alternative’ to more expensive network upgrades.
May 25, 2022
Module price increases, higher raw material costs and logistical challenges will pull down the return on equity (ROE) for 25GW of India solar projects, with 5GW of those at high risk given when they submitted their bids.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas