Independent power producer (IPP) Cypress Creek Renewables has closed a US$450 million debt facility to fund the expansion of its solar and energy storage project pipeline in the US.
Australian investment manager Queensland Investment Corporation (QIC) acted as a joint lead arranger alongside leading lenders including Canada Pension Plan Investment Board and fund manager CarVal Investors. Crédit Agricole was sustainable structuring agent to implement the sustainability linkage in the facility.
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Including a US$250 million accordion option, the facility is structured at a holding company level and will be used to refinance existing indebtedness and to fund the development and construction of Cypress Creek’s pipeline.
“We are thrilled to tap into more efficient capital to fuel our ambitious growth plans to make the planet more sustainable,” said Sarah Slusser, CEO of Cypress Creek.
Alongside a 12GW development pipeline, the IPP operates a 1.7GW fleet of solar assets and provides operations and maintenance (O&M) services for 4GW of PV projects across the US.
The financing comes after Cypress Creek was acquired last year by private equity firm EQT, in a deal that the IPP said would help it expand its fleet of operating assets while scaling its O&M business.
It was announced last month that the company will procure 315MW of Maxeon Solar Technologies’ bifacial Performance line solar modules for use in projects in Washington and Texas.
The new facility represents QIC’s first investment by its new infrastructure debt platform.
Lindsay Scully, QIC principal – infrastructure debt, said Cypress Creek “has one of the most attractive operating portfolios, so we see it as an ideal partner for our capital”.