Cypress Creek Renewables (CCR), a developer and operator of utility-scale and distributed solar and energy storage projects, has closed a $450 million debt facility to expand its solar and storage project pipeline.

These projects will help meet the increasing demand for renewable resources in the U.S.

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.

The facility is structured at a holding company level and will be used to refinance existing indebtedness and fund the development and construction of CCR’s growing development pipeline. The facility also includes a $250 million accordion option.

CCR owns and operates its own 1.7 GW fleet of solar assets and has a 12 GW active development pipeline. Its Operator & Maintenance Services division is the fourth largest in North America, serving 4 GW of solar projects across the country.

“Solar will almost certainly represent one of the largest slices of the pie in terms of new capacity that comes online in the U.S. over several years,” said Lindsay Scully, QIC Principal – Infrastructure Debt, based in QIC’s New York office. “With its track record and pipeline, we believe Cypress Creek is a clear leader in the solar development space and has one of the most attractive operating portfolios, so we see it as an ideal partner for our capital.

According to Mercom Research, in October 2021, Cypress Creek Renewables closed financing for the 270 MW Shakes solar project in Dimmit County, Texas. The project is currently under construction and expects to reach commercial operation during the second half of 2022.

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.