US independent power producer (IPP) Cypress Creek Renewables has achieved financial close on its 75MW Sundance solar-plus-storage project in Elbert County, Colorado.
The solar project will be co-located with a 50MW/200MWh battery energy storage system (BESS), and the developer expects commercial operation to begin in “late 2026”. Cypress Creek began construction on the project in July of this year, and expects Sundance to be in operation for 40 years, supplying power to the CORE Electric Cooperative, a utility operating in Colorado.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Japanese bank MUFG served as the coordinating lead arranger for the deal, providing around US$190 million in construction financing, with BNP Paribas, DNB Bank ASA and Santander involved. Fifth Third Bank served as the project’s tax equity investor; last week, Ronak Maheshwari, director of US renewable energy investment bank CRC-IB, told PV Tech Premium that securing equity has become a key challenge for many project developers.
“This hybrid solar and storage site is an integral part of our mission to improve lives and communities through choice and innovation,” said Pam Feuerstein, CEO of the CORE Electric Cooperative. “We’re proud to partner on this project that will deliver local power to our members.”
The news follows the start of commercial operations at another Cypress Creek solar-plus-storage plant, the 208MW Zier Solar + Storage project in Texas, last year. The developer also completed financing for a 104MW standalone solar project in Washington state earlier this year, securing finance for projects at a time when Maheshwari said raising capital is becoming “harder and harder” for US renewables.
