Cypress Creek Renewables, a solar and energy storage project developer, closed $150 million in financing to support the development and construction of the 104 MW Ostrea solar project in Yakima County, Washington.
The company also announced that construction of the project has begun, with commercial operations expected by mid-2026.
PCL Construction’s Solar Division is the project’s engineering, procurement, and construction contractor.
MUFG Bank served as the coordinating lead arranger alongside BNP Paribas, DNB Bank, and Santander. U.S. Bank is acting as the project’s tax equity investor.
The project is expected to create approximately 250 construction jobs and deliver an estimated $15 million in tax revenue to Yakima County over its operational lifetime.
“This transaction reinforces MUFG’s commitment to financing high-quality renewable energy assets that deliver long-term value,” said Takaki Sakai, Managing Director at MUFG Bank. “Cypress Creek Renewables has demonstrated strong execution capabilities and a robust pipeline, and we’re pleased to support their continued growth with a tailored financing solution that aligns with our strategic focus on sustainable infrastructure and energy transition investments.”
In March, the company also secured approximately $133 million in funding to support the development of the 200 MW Destiny Energy Storage project in Texas. The project is currently under construction and is expected to be completed in early 2026.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
This week, Voltalia, a renewable energy power producer, secured £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project from Triodos Bank UK. The funding will support the construction and development of the project.
