Cypress Creek Renewables completed the sale of two Massachusetts community solar projects totaling 6.35 MW to CarVal Investors. The projects, which are located in Bristol and Franklin counties, are community solar projects that Cypress Creek developed under the state’s Solar Massachusetts Renewable Target (SMART) program. In addition to this sale, CarVal also provides Cypress Creek with development capital under a 2019 loan agreement. This is Cypress Creek’s first sale to CarVal in its role as a long-term solar asset owner.
Sarah Slusser, CEO of Cypress Creek Renewables, said, “This expansion of the existing relationship between Cypress Creek and CarVal is truly a reflection of the strength of the partnership our teams have built. We are pleased to have this opportunity to get involved in Massachusetts’ SMART program, while providing affordable power to Massachusetts homes and businesses.”
Development history. The projects were originally developed by Clean Energy Collective, then purchased by Cypress Creek, which completed all late-stage development work. Construction is currently underway on both projects by EPC contractor Signal Energy DG, with commercial operation anticipated in spring 2021. Cypress Creek O&M Services will provide operations and maintenance for the projects.
“We are pleased to be part of the Massachusetts SMART solar and storage program as we continue to build on our partnership with Cypress Creek,” said Jerry Keefe, principal, CarVal Investors. “Clean energy is a huge focus for our business today and we look forward to investing in other projects like this in the years to come.”