Cypress Creek Renewables, a developer and operator of utility-scale and distributed solar and energy storage projects, closed a $125 million debt facility to expand its solar and storage project pipeline.
Investec acted as a coordinating lead arranger, including Credit Agricole, East West Bank, National Bank of Canada, Norddeutsche Landesbank, Silicon Valley Bank, and Toronto-Dominion Bank.
The debt financing comprises working capital loans and letters of credit, backed by a 1.6 GW portfolio of operating utility-scale and distributed solar projects.
Kirkland & Ellis advised Cypress Creek Renewables on the transaction.
These projects will help meet the increasing demand for renewable resources in the U.S.
In April 2022, Cypress Creek Renewables closed a $450 million debt facility to expand its solar and storage project pipeline. The Queensland Investment Corporation (QIC), a government-owned investment company owned by the Queensland Government, acted as a Joint Lead Arranger alongside lenders, including Canada Pension Plan Investment Board and CarVal Investors.
According to Mercom’s Q1 2022 solar funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion in 36 deals.
