Cypress Creek closes US$ 450m debt facility to fund growth of solar, storage pipe

• Independent power producer (IPP) Cypress Creek Renewables has closed a US$ 450 million debt facility to fund the development of its solar as well as power storage space project pipeline in the US.

Australian investment manager Queensland Investment Corporation (QIC) served as a joint lead arranger together with leading lenders consisting of Canada Pension Plan Investment Board and fund supervisor CarVal Investors. Crédit Agricole was sustainable structuring agent to implement the sustainability linkage in the facility.

Consisting of a US$ 250 million accordion alternative, the facility is structured at a holding firm degree and will certainly be made use of to refinance existing debt as well as to fund the growth as well as construction of Cypress Creek's pipe.

"We are enjoyed tap into much more reliable capital to fuel our ambitious growth plans to make the planet more sustainable," said Sarah Slusser, CEO of Cypress Creek.

Alongside a 12GW growth pipe, the IPP operates a 1.7 GW fleet of solar assets and provides operations as well as maintenance (O&M) services for 4GW of PV projects across the US.

The funding follows Cypress Creek was acquired last year by exclusive equity firm EQT, in a bargain that the IPP said would certainly help it broaden its fleet of operating assets while scaling its O&M business.

It was announced last month that the firm will acquire 315MW of Maxeon Solar Technologies' bifacial Performance line solar modules for usage in projects in Washington and Texas.

The new facility stands for QIC's very first investment by its new infrastructure debt platform.

Lindsay Scully, QIC principal-- framework debt, said Cypress Creek "has among the most eye-catching operating portfolios, so we see it as a suitable partner for our capital".