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Cypress Creek Renewables closes financing for Texas solar and storage project

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Energy Global,


Cypress Creek Renewables has announced the closing of US$216 million in financing for its Zier solar and storage project.

Norddeutsche Landesbank Girozentrale acted as co-ordinating lead arranger (CLA), lender, and LC issuing bank alongside Rabobank, National Bank of Canada, and the North American Development Bank as joint lead arrangers. Together they have provided a construction-to-term loan, tax equity bridge loan, and letter of credit facilities.

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

“It has been wonderful partnering with these lenders on another successful financing as we work together toward a more sustainable future,” said Sarah Slusser, CEO of Cypress Creek Renewables. “We can’t wait to get this project constructed and producing renewable energy that will improve the resiliency and reliability of the Texas grid.”

Cypress Creek is a leader in the Texas solar market with close to 2 GW of solar developed to date in the state. The Zier solar and storage project is the first solar plus storage project developed by Cypress Creek in Texas, and will produce enough energy in its first year to power more than 30 000 homes.

“We are delighted to have partnered with Cypress Creek Renewables in this financing – the 4th NORD/LB has been entrusted with as CLA on their behalf in the last 12 months. Cypress Creek Renewables has quickly become a force to be reckoned with in the US renewables space, and we are honoured to play a part in their success,” said Nicolai Dillow, Head of Structured Finance Originations for NORD/LB’s New York branch, US.

 

 

 

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Read the article online at: https://www.energyglobal.com/electric-hybrid/08092022/cypress-creek-renewables-closes-financing-for-texas-solar-and-storage-project/

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