Cypress Creek closes US$450m debt facility to fund growth of solar, storage pipeline

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
A 3MW project in North Carolina operated by Cypress Creek. Image: Cypress Creek Renewables.

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.

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”.

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 27, 2022
The CEO of US solar and energy storage developer Borrego has said the company’s project development business will be less capital constrained under the new ownership of investment firm ECP, following a deal announced earlier this week to spin off and sell the unit.
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.

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