Source: Cypress Creek.
US solar developer Cypress Creek Renewables has received a US$200 million investment from the Singapore-based firm Temasek.
The funds have been used to purchase preferred stock and warrants for a 10% common stock stake. Two independent directors will be added to the Cypress board. Last month Temasek, which is owned by the Singapore government, led an investment round that provided Cypress with a US$450 million credit facility.
In a statement, the company said the latest equity investment would be used to extend and deliver upon its portfolio of projects.
“Temasek has shown itself to be a patient, forward-looking partner focused on generating sustainable long-term returns – and it is this shared vision that makes expansion of our relationship quite natural,” said Matt McGovern, CEO, Cypress. “The confidence Temasek has shown in our business model and development portfolio is a firm endorsement of our strategy, which we look forward to refining and executing on in tandem in the years to come.”
In May, Cypress said it would be delaying around 1.5GW of projects as it reassessed the market following President Trump’s Section 201 trade tariffs on cell and module imports.
“Our strategy focuses on creating markets, originating projects and allocating capital to the most attractive risk-adjusted opportunities, with success being driven by our ability to navigate development, structural and financial complexities as well as assessing and pricing risk,” added Brad Bauer, Cypress’ chief capital markets officer.