Cypress Creek secures financing for gigawatt-scale energy center | Projects Weekly
This week on Projects Weekly, Cypress Creek Energy is in the news and making moves, selling a community solar portfolio in Illinois to 38 Degrees North while also securing financing for a massive project in Arkansas. In Texas, Meta has expanded their PPA partnerships with both Zelestra and RWE for two massive upcoming solar plants. EDP Renewables and the Salt River Project nonprofit have completed the latest project in the state of Arizona, the 800 MWh Flatland Energy Storage battery system. Finally in both Texas and North Carolina, MN8 Energy has inked a deal with Microsoft to send power to the tech giant to the tune of 260 MW. Keep reading for all the details!
Zelestra, Meta expand partnership with Palmera Solar Plant PPA
Zelestra and tech giant Meta have signed a new long-term power purchase agreement (PPA) for Texas’s Palmera Solar Plant, the two companies have announced.
Located in eastern Texas’s Freestone County, the 180 MWdc plant will give support to Meta’s renewable energy goals in its data center efforts. The two firms currently have solar PPAs across the U.S. that cover about 1.4 GWdc of energy for Meta, all of which are expected to be fully operational by 2028.
“Meta is committed to bringing new renewable energy to the grid, and our expanding relationship with Zelestra is helping make that possible at scale,” says Amanda Yang, Meta’s head of clean and renewable energy. “These projects aren’t just advancing our energy goals — they’re creating jobs and delivering long-term value in the communities where they operate and it shows what strong partnerships can achieve.”
Bright spot: At peak construction, the suite of projects between Zelestra and Meta will support about 400 jobs around the U.S. The Palmera project has just begun construction, according to a company statement on June 9.
“Our partnership with Meta continues to translate ambition into delivery. In just a few months, we have brought Jasper County online, started construction on Skull Creek and Reclamation, and now added Palmera to the portfolio,” says Phil North, Zelestra’s U.S. CEO. “Together, we are accelerating the delivery of new energy infrastructure that supports Meta’s decarbonization goals while delivering long-term economic value in local communities.”
38 Degrees North buys Illinois community solar portfolio from Cypress Creek
Solar and distributed renewables platform 38 Degrees North and energy infrastructure developer Cypress Creek Energy have struck a deal for a community solar portfolio covering 16 projects in Illinois.
The group of projects covers a total of 104 MW in the Land of Lincoln across 14 counties, officials say. Expected to deliver $1.6 million in subscriber utility bill savings, the projects are all expected to come online for customers by 2027.
“38DN is deeply committed to collaborating with communities, developers and capital partners to advance community solar in the U.S., and in particular, in critical markets like Illinois,” says Jake Carney, co-founder and managing director of 38DN. “Our platform is built to develop, acquire, finance, and operate distributed energy projects at scale, and this acquisition reflects this and our capabilities to support continued growth in this segment.”
Bright spot: In Illinois alone, Cypress Creek has developed more than 250 MW of distributed generation and solar across about 50 different projects. In 2025, the state added a total of 349 MW of community solar capacity, which ranked second in the U.S.
“Illinois continues to be a strong market for community solar, and this portfolio reflects our long-standing commitment to developing high-quality projects that deliver real value to customers and communities,” says Jeffrey Meigel, Cypress Creek Energy’s chief investment officer. “We’re pleased to work with 38DN to advance these projects and expand access to affordable, locally generated energy across the region.”
Illinois is likely to see more record solar installations for community applications and beyond thanks to new policy changes signed by Gov. Pritzker early this year.
EDP Renewables, SRP complete 800 MWh Flatland Energy Storage in Arizona
EDP Renewables North America and nonprofit electrical utility Salt River Project (SRP) have completed Flatland Energy Storage, a 200 MW / 800 MWh battery project in Arizona.
Bright spot: The battery storage project has the capacity to power about 44,500 Arizonan homes, strengthening the Grand Canyon State’s grid in turn. Supplying reliable electrical power during peak demand will also help to support the state’s spiking energy needs, brought on AI data centers and continued utility electrification.
“Energy storage plays a critical role in maintaining a reliable and resilient electric grid, especially as demand continues to grow,” says Sandhya Ganapathy, CEO of EDP Renewables North America. “Projects like Flatland Energy Storage ensure power is available when it’s needed most, while also delivering meaningful, long-term benefits to the communities that host them.”
The project “demonstrates the increasing importance of utility-scale battery projects,” according to EDP, when it comes to enhancing grid-wide flexibility. Within the EDP Group, Flatland Energy Storage is the largest project of its kind, officials say.
“Flatland Energy Storage is part of SRP’s all-of-the above approach to providing reliable, affordable and sustainable power to our customers,” says Bobby Olsen, SRP associate general manager and chief power system executive. “SRP will continue to invest in battery energy storage resources as part of its growing resource portfolio.”
MN8 Energy partners with Microsoft for two projects worth 260 MW
MN8 Energy LLC has energized two utility-scale solar project totaling 260 MW in Texas and North Carolina, supplying power to computer software titan Microsoft through long-term power purchase agreements.
Bright spot: MN8’s Long Point Solar and American Beech projects in Texas and North Carolina respectively will provide power in two massive regions of need for the U.S. The projects are expected to bring “millions of dollars” in tax payments for local schools, roads, and critical infrastructure services.
“As digital infrastructure scales across the U.S., energy solutions must scale with it,” says Moe Hanifi, SVP and head of revenue and commodities at MN8 Energy. “These projects deliver new solar capacity into two critical power markets and highlight MN8’s role as a partner to Microsoft in meeting their sustainability goals.”
Long Point will be able to deliver new solar generation for the Electric Reliability Council of Texas (ERCOT) Houston load zone, one of the fastest growing regions on the entire Texan grids. Conversely, American Beech will send power to PJM Interconnection as it goes through rapid growth infrastructurally.
Cypress Creek Energy secures $3.5 billion for Steel River Energy Center
Cypress Creek Energy has announced the financial close of Phases 1 and 2 of the Steel River Energy Center, a 2.45 GW solar and 2.9 GWh battery storage facility coming to Arkansas.
The $3.5 billion transaction will support the construction and long-term operation of the first two phases of the project. Those first phases alone represent 1.63 GW of solar and 1.9 GWh of battery storage power, already making it easily the largest solar project in the state, and one of the largest in the country.
“This financing reflects both the scale of the project and the strong support we’re seeing from the capital markets for high-quality energy infrastructure projects backed by experienced sponsors,” says Kevin Smith, CEO of Cypress Creek. “We value the confidence and partnership of this exceptional group of financial institutions, many of whom we’ve worked with across prior transactions.
Bright spot: The financing process attracted “significant interest” from the lending and investment banking community, Cypress Creek officials say. Fully underwritten by several banks, the project’s first two phases have also been given long-term power sales through a virtual power purchase agreement with an unnamed “investment-grade corporate counterparty.”
“Together, we’re advancing infrastructure that can help meet Arkansas’s and America’s rapidly growing electricity demand while delivering long-term economic benefits to local communities,” Smith adds.
Meta expands partnership with RWE through a long-term corporate PPA for Rabbit’s Foot Solar in North Texas
Meta and solar and storage developer RWE have expanded their partnership with yet another project, Rabbit’s Foot Solar in northern Texas.
This project will create nearly 200 jobs at peak construction, and over its 40-year lifespan, officials expect the site to generate about $50 million in tax revenue. The project is expected to begin operations before the start of 2028, with company representatives hopeful that energization will come even earlier.
“Our partnership with Meta continues to grow as we work together to deliver reliable power that supports their energy commitments,” says Ingmar Ritzenhofen, CCO of RWE Americas. “This agreement for the Rabbit’s Foot Solar project demonstrates how collaboration can drive meaningful economic growth and community benefits.
“By investing in Bowie County, we’re not only creating approximately 200 local construction jobs, but also generating substantial long-term tax revenue that will help support schools, technical education programs, emergency services, and critical road maintenance and infrastructure improvements across the community.”
Bright spot: This partnership represents the fourth power purchase agreement between Meta and RWE since 2024. Between Rabbit’s Foot Solar and the previously signed power puchase agreements agreements between the two firms, the companies have signed agreements totaling 872 MW of solar and storage over the past two years alone.
“Through our continued partnership with RWE, the Rabbit’s Foot Solar project will bring new generation to the Texas grid while creating local jobs and delivering lasting economic benefits to Bowie County,” says Amanda Yang, head of clean and renewable energy for Meta. “We’re proud to deepen our collaboration with RWE with our expanded portfolio.”
