Cypress Creek Renewables closes on US$216 million financing for Texas PV project

Cypress Creek already has a strong portfolio of solar-plus-storage projects, such as the one pictured here with Lockheed Martin, across the US. Image: PRNewsfoto/Lockheed Martin.

Independent power producer (IPP) Cypress Creek Renewables has closed a US$216 million financing round for its Zier Solar and Storage project in Texas.

Located in Kinney County, the project is a 208MW solar plant with a 40MW/80MWh battery energy storage system (BESS). Once completed, it will add renewable energy capacity and battery storage to the Texas grid. Construction commenced concurrent with the financial closing.

German commercial bank Norddeutsche Landesbank Girozentrale acted as coordinating lead arranger, lender and letter of credit issuing bank alongside Rabobank, National Bank of Canada and the North American Development Bank as joint lead arrangers.

Cypress Creek said it currently had close to 2GW of solar PV developed in Texas, making it one of the leading solar companies in the state.

The company was a founding member of the ‘US Solar Buyer Consortium’ that is looking for qualified manufacturers that can commit to a long-term partnership to supply up to 7GW of solar modules per year starting from 2024 in an attempt to  catalyse the buildout of a US PV manufacturing base.

Cypress Creek CEO Sarah Slusser spoke with PV Tech Premium following the announcement about the newly formed Consortium, its objectives, market challenges and the potential advantages it holds for US manufacturing and project development.

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