- Cypress Creek Renewables announced it has closed a seven-year $200 million debt financing for the holding company that owns Cypress Creek’s 1.6 gigawatt (GW) portfolio of operating solar energy projects
Cypress Creek Renewables announced it has closed a seven-year $200 million debt financing for the holding company that owns Cypress Creek’s 1.6 gigawatt (GW) portfolio of operating solar energy projects. And the facility finances a portfolio comprised of more than 200 solar and storage projects across 13 states.
What does Cypress Creek Renewables do? Cypress Creek Renewables is powering a sustainable future and at one project at a time. The company also develops, finances, owns and operates utility-scale and distributed facilities across the country. With over 10.3 gigawatts of solar developed and more than 3.4 gigawatts under management, Cypress Creek is one of the country’s leading solar and storage companies.
Investec Power and Infrastructure Finance – North America acted as sole bookrunner, coordinating lead arranger, and administrative agent on the transaction.
In addition to Investec, other joint lead arrangers for the transaction also included Credit Agricole, East West Bank, and Silicon Valley Bank. And Cypress Creek was represented by Kirkland & Ellis LLP as its lead transaction counsel. The lenders were represented by Milbank as the transaction counsel.
KEY QUOTES:
“This new debt facility marks a key milestone on our path to growing our company, and it provides us with the flexibility to own assets where we see strategic value. These funds strengthen our ability to maintain Cypress Creek’s position as a leading integrated renewable energy company in the U.S.”
— Rebecca Cranna, Chief Operating Officer and Chief Financial Officer for Cypress Creek
“The Cypress Creek Renewables financing illustrates our ability to structure bespoke solutions for clients. We started with a fresh palette and came up with a tailored solution that was well-received by the market.”
— Michael Pantelogianis, Co-Head of Investec Power and Infrastructure Finance, North America
“The market is wide open for well-priced, well-structured ESG class assets across all levels of the capital stack from a variety of lenders. We oversubscribed the financing 2.0x from a combination of both commercial banks and institutional investors that directly demonstrates this appetite.”
— Ralph Cho, Co-Head of Investec Power and Infrastructure Finance, North America
