... Cypress Creek closes $200M debt financing backed by 1.6 gigawatt solar portfolio | Solar Builder

Cypress Creek closes $200M debt financing backed by 1.6 gigawatt solar portfolio

cypress creek renewables

Cypress Creek Renewables closed a seven-year, $200 million debt financing for the holding company that owns Cypress Creek’s 1.6 gigawatt portfolio of operating solar energy projects. The facility finances a portfolio comprised of more than 200 solar and storage projects across 13 states.

“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.” says Rebecca Cranna, Chief Operating Officer and Chief Financial Officer for Cypress Creek

Investec Power and Infrastructure Finance – North America acted as sole bookrunner, coordinating lead arranger, and administrative agent on the transaction.

Michael Pantelogianis, Co-Head of Investec Power and Infrastructure Finance, North America, commented: “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.”

“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 added.

In addition to Investec, other joint lead arrangers for the transaction included Credit Agricole, East West Bank, and Silicon Valley Bank. Cypress Creek was represented by Kirkland & Ellis LLP as its lead transaction counsel. The lenders were represented by Milbank as transaction counsel.

Have you checked out our YouTube page?

We have a ton video interviews and additional content on our YouTube page. Recently we debuted Power Forward! -- a collaboration with BayWa r.e. to discuss higher level industry topics as well as best practices / trends for running a solar business today.

Our longer running side project is The Pitch -- in which we have awkward discussions with solar manufacturers and suppliers about their new technology and ideas so that you don't have to. We've discusses everything from residential rail-less deck attaching and home solar financing to large-scale energy storage value stacking and utility-driven new home solar + storage microgrids.

We also post our Project of the Year announcements there! Interviews with this year's winners will be up starting the week of Nov. 8. Head there and subscribe today to stay on top of all this extra stuff.

Tags: , , , , , ,

Comments are closed here.