Cypress Creek gets to fin close on Texas solar-plus-storage project
- US renewable energy plants designer as well as operator Cypress Creek Renewables has shut a USD-216-million (EUR 218m) financial debt funding deal for its 208-MW Zier solar park with battery storage in Texas and also introduced the begin of building and construction activities.
The deal included the arrangement of a construction-to-term funding, tax equity bridge loan and also letter of credit facilities, Cypress Creek claimed on Tuesday.
Norddeutsche Landesbank Girozentrale worked as coordinating lead arranger lending institution as well as letter of credit providing bank along with Rabobank. National Bank of Canada as well as the North American Development Bank were joint lead arrangers of the deal, in which North American Development Bank previously said it has actually taken part with USD 46.9 million.
Cypress Creek's Zier Solar and also Energy Storage Project will be situated in Texas' Kinney County and also will be linked to the state power grid. Once up and running, the photovoltaic or pv (PV) park is prepared for to create around 414.3 GWh of electricity in the very first year of procedure, or sufficient to cover the consumption of over 30,000 residences. The plant will certainly be combined with a 40-MW/80-MWh battery energy storage system, which will keep its output as well as power from the Electric Reliability Council of Texas (ERCOT) grid.
Cypress Creek has up until now developed near 2 GW of solar projects in Texas. Zier is its first solar-storage system in the state, it kept in mind.