Cypress Creek Renewables, a renewable energy project developer and independent power producer, secured approximately $133 million in funding to support the development of the 200 MW Destiny Energy Storage project in Texas.
First Citizens Bank’s Energy Finance business served as lead arranger for the transaction.
Destiny is a standalone battery energy storage project that is currently under construction and located in Harris County. The project is expected to be completed in early 2026.
“We are thrilled to announce that our large-scale battery energy storage system has secured $133 million in financing from First Citizens Bank,” said Sarah Slusser, CEO of Cypress Creek Renewables. “This pivotal investment marks a significant milestone in our mission to drive the transition to cleaner, more reliable energy. With this funding, we are poised to accelerate the deployment of cutting-edge energy storage solutions, helping to stabilize grids, reduce carbon emissions, and empower communities with sustainable energy. We look forward to making a lasting impact on the future of energy.”
Cypress Creek is stated to own more than 2 GW of solar and has a more than 20 GW solar and storage pipeline.
“First Citizens is pleased to support Cypress Creek Renewables with the Destiny Storage project by arranging financing for its construction and operation,” said Mike Lorusso, head of Energy Finance at First Citizens Bank. “We appreciated this opportunity to put our financing expertise to work as we grow our support of battery energy storage facilities nationwide.”
In 2022, the company secured a $47 million loan for the Zier project comprising a 208 MW solar and 40 MW battery energy storage system located in Kinney County, Texas, from the North American Development Bank.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, announced Energy Storage project funding in 2024 increased 53% year-over-year.
In February this year, SMT Energy, a developer, owner, and operator of battery energy storage projects, secured $135 million in project financing to develop a 160 MW/320 MWh battery energy storage project in Houston, Texas, also known as SMT Houston IV.
