Cypress Creek Renewables has closed on $216 million in financing for its Zier Photo voltaic and Storage venture. The venture, positioned in Kinney County, Texas, is a 208 MW photo voltaic farm with a 40 MW/80 MWh battery vitality storage system (BESS).
As soon as accomplished, the venture will add put in renewable vitality capability and battery storage to the Texas grid. Development commenced concurrent with the monetary closing.
Norddeutsche Landesbank Girozentrale (NORD/LB) acted as coordinating lead arranger (CLA), lender and LC issuing financial institution alongside Rabobank, Nationwide Financial institution of Canada and the North American Improvement Financial institution as joint lead arrangers. Collectively they’ve offered a construction-to-term mortgage, tax fairness bridge mortgage and letter of credit score services.
“It has been great partnering with these lenders on one other profitable financing as we work collectively towards a extra sustainable future,” says Sarah Slusser, CEO of Cypress Creek Renewables. “We are able to’t wait to get this venture constructed and producing renewable vitality that may enhance the resiliency and reliability of the Texas grid.”
Cypress Creek has near 2 GW of photo voltaic developed thus far in Texas. The Zier Photo voltaic and Storage Challenge is the primary photo voltaic plus storage venture developed by Cypress Creek in Texas and can produce sufficient vitality in its first yr to energy greater than 30,000 houses.
“We’re delighted to have partnered with Cypress Creek Renewables on this financing – the fourth NORD/LB has been entrusted with as CLA on their behalf within the final 12 months. Cypress Creek Renewables has rapidly grow to be a pressure to be reckoned with within the U.S. renewables house, and we’re honored to play an element of their success,” states Nicolai Dillow, head of structured finance originations for NORD/LB’s New York department.
