Cypress Creek Starts 104-MW Ostrea Solar After Securing $150M Financing

• Cypress Creek secures $150 m financing and begins construction of 104 MW Ostrea Solar in Washington, creating jobs and powering up to 16 000 homes.

Cypress Creek Renewables has reached financial close and broken ground on the 104-MW Ostrea Solar farm in Yakima County, Washington, marking the developer’s first fully financed venture in the state and a significant step toward its Pacific Northwest growth ambitions.

A lending group led by MUFG Bank, with BNP Paribas, DNB Bank ASA and Santander as joint arrangers, has provided roughly $150 million in construction debt. U.S. Bank supplied the tax-equity commitment, giving the project a complete capital stack and freeing Cypress Creek to shift its focus from fundraising to execution. MUFG’s managing director Takaki Sakai said the tailored package aligns with the bank’s strategy of backing “high-quality renewable assets that deliver long-term value.”

Engineering, procurement and construction duties rest with PCL Construction’s solar division, which mobilized crews in February. At peak activity the site will employ about 250 workers, many drawn from the surrounding Yakima Valley. Beyond paychecks, the project is forecast to inject roughly $15 million in property-tax revenue into county coffers over its operating life—funds earmarked for schools, roads and other public services.

Once Ostrea Solar reaches commercial operation, targeted for mid-2026, it is expected to generate enough clean electricity to meet the annual needs of 15,000 to 16,000 typical Washington households. The output will help the state inch closer to its mandate of a carbon-neutral grid by 2045 while reducing regional reliance on imported power during the dry-season hydro shortfall.

For Cypress Creek, the deal underscores the payoff from a multiyear effort to assemble a 1-GW pipeline across Washington and Oregon. Chief executive Sarah Slusser called the milestone “a fulfillment of our commitment to the state,” adding that strong financing partners allow the company to “bring the benefits of this project—and the ones in our pipeline—to the communities that will host them.”

With panels soon to arrive and interconnection work underway, Ostrea Solar is on track to deliver reliable, low-cost power just as demand for electricity surges from data-center expansions and residential electrification. The project’s successful financing also signals continued lender appetite for well-structured utility-scale renewables, even amid higher interest rates and supply-chain pressures.