Independent power producer (IPP) Cypress Creek Renewables has secured US$150 million in financing to advance the construction of its 104MW Ostrea Solar project in northeast Yakima County, Washington.
The financing round was led by MUFG Bank, with participation from BNP Paribas, DNB Bank ASA, and Santander.
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The project, spanning over 811 acres, was approved by the Washington State Energy Facility Site Evaluation Council (EFSEC) in April 2023 and began construction in February this year.
According to the Californian firm, the project will include more than 190,000 solar PV panels and is scheduled to reach commercial operations by mid-2026. It is being built by construction company PCL Solar and will generate 250 local jobs. Ostrea Solar expects to generate US$15 million in tax revenue for the county.
CEO of Cypress Creek Renewables, Sarah Slusser said: “We’re thrilled to have secured financing for Ostrea, our first project to reach this milestone in Washington State. Thanks to our strong partnerships, we’re fulfilling our commitment to the state and bringing the benefits of this project – and the ones in our pipeline – to the communities that will host them.”
According to trade body the Solar Energy Industries Association (SEIA), the state of Washington has installed a total of 864.79MW of solar capacity, including 180.16MW added in 2024 alone. With 138 companies operating in the state, SEIA forecasts Washington will add 2.2GW of solar capacity over the next five years.
Ostrea Solar is being developed alongside Cypress Creek’s High Top solar project which is yet to break ground. Being developed separately, Ostrea will connect to the Bonneville Power Administration’s Moxee-to-Midway 115 kV line, while High Top is expected to tie into PacifiCorp’s Union Gap-to-Midway 230 kV line. Currently the company owns more than 2GW of solar PV and has a solar and energy storage pipeline of 20GW.
