United States designer safeguards solar, storage space pipeline funding

Apr 20, 2022 02:00 PM ET
  • QIC and also Cypress Creek Renewables have actually closed a US$ 450m debt facility

Australian capitalist QIC and also Cypress Creek Renewables (CCR) have introduced the closing of a multi-million dollar debt facility to fund the development of CCR's solar and storage project pipeline.

As a joint lead arranger together with leading lenders consisting of CPPIB and CarVal, QIC has shut the facility that will certainly supply the CCR affiliate with a US$ 450m (EUR414.5 m) postponed draw sustainability-linked note (the Facility).

The Facility is structured at a holding company degree and also will certainly be made use of to refinance existing indebtedness and also to fund growth and also building and construction of CCR's growing development pipeline.

The Facility likewise includes a US$ 250m accordion alternative.

CCR's projects will certainly help fulfill the boosting need for renewable energies in the United States.

This is QIC's initial investment by its recently formed infrastructure debt platform.

CCR is one of the biggest solar owners as well as developers in the US, having actually established more than 11GW of solar projects since beginning.

CCR owns and also operates its very own 1.7 GW fleet of solar properties and also has a 12GW energetic development pipeline.

Its O&M department is the fourth largest in The United States and Canada, serving 4GW of solar projects across the country, according to the company.

Cypress Creek chief executive Sarah Slusser stated: "We are enjoyed tap into a lot more effective capital to fuel our ambitious growth plans to make the earth a lot more sustainable.

" Structure excellent quality solar as well as storage projects is our core organization and having actually capital companions dedicated to our mission is particularly amazing.

" We look forward to accelerating our growth."

QIC principal for framework debt Lindsay Scully said: "Solar will likely stand for one of the biggest pieces of the pie in regards to brand-new capacity that comes online in the US over the next numerous years.

" With its record and pipeline, our team believe Cypress Creek is a clear leader in the solar development area and likewise has among one of the most attractive operating portfolios, so we see it as a perfect companion for our capital.

" We are especially pleased by the company's willingness to work alongside us, the various other lead arrangers, and Credit Agricole as sustainable structuring representative to carry out the sustainability linkage in the Facility."

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