From: Mercom India
Cypress Creek Energy, a U.S.-based solar and energy storage project developer, has secured $3.5 billion in financing for the first two phases of the Steel River Energy Center, a three-phase solar and battery storage project in Arkansas, U.S.
The first two phases will add 1.63 GW of solar capacity and 1.9 GWh of battery storage to the regional grid. The full project is expected to provide 2.45 GW of solar capacity and 2.9 GWh of battery storage by 2029, according to the company.
Cypress Creek said the project will use 100% U.S.-made structural steel, with nearly all of it sourced from Mississippi County, Arkansas. The project will also utilize 100% domestically manufactured solar modules from First Solar and other components sourced from Arkansas-based companies.
The financing was fully underwritten by coordinating lead arrangers Barclays, BNP Paribas, Santander, and Wells Fargo. In addition, the company closed tax equity financing with a major tax equity investor alongside construction financing.
The company said long-term power sales for the first two phases have been secured through a virtual power purchase agreement with an unnamed investment-grade corporate counterparty.
Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Cypress Creek. Barclays and Santander acted as merger and acquisition advisers for the transaction.
The project is expected to generate nearly $300 million in new tax revenue over its lifetime, supporting local schools, public safety, roads, and other community priorities, according to Cypress Creek. It is also expected to create about 700 on-site construction jobs, along with additional jobs tied to local construction-related spending.
In 2026, the company acquired the Steel River project from Swift Current Energy, a renewable energy project developer. Swift Current has signed a 20-year power purchase agreement with a technology company for the energy and renewable energy certificates associated with the first two phases of the project. The company also closed $150 million in financing in 2025 to support the development and construction of the 104 MW Ostrea solar project in Yakima County, Washington.
According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the same period in 2025.
