Cypress Creek Renewables Closes Financing for Texas Solar and Storage Project

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Sep 06, 2022, 10:35 ET

SANTA MONICA, Calif., Sept. 6, 2022 /PRNewswire/ -- Cypress Creek Renewables is pleased to announce the closing of $216 million in financing for its Zier Solar and Storage project.

Norddeutsche Landesbank Girozentrale ("NORD/LB") acted as Coordinating Lead Arranger (CLA), Lender and LC Issuing Bank alongside Rabobank, National Bank of Canada, and the North American Development Bank as Joint Lead Arrangers. Together they have provided a construction-to-term loan, tax equity bridge loan and letter of credit facilities.

The project, located in Kinney County, Texas, is a 208MW solar farm with a 40MW/80MWh battery energy storage system (BESS). Once completed, the project will add installed renewable energy capacity and battery storage to the Texas grid. Construction commenced concurrent with the financial closing.

"It has been wonderful partnering with these lenders on another successful financing as we work together toward a more sustainable future," said Sarah Slusser, CEO of Cypress Creek Renewables. "We can't wait to get this project constructed and producing renewable energy that will improve the resiliency and reliability of the Texas grid."

Cypress Creek is a leader in the Texas solar market with close to 2GW of solar developed to date in the state. The Zier Solar and Storage Project is the first solar plus storage project developed by Cypress Creek in Texas and will produce enough energy in its first year to power more than 30,000 homes.

"We are delighted to have partnered with Cypress Creek Renewables in this financing – the 4th NORD/LB has been entrusted with as CLA on their behalf in the last 12 months. Cypress Creek Renewables has quickly become a force to be reckoned with in the U.S. renewables space, and we are honored to play a part in their success," said Nicolai Dillow, Head of Structured Finance Originations for NORD/LB's New York branch.

About Cypress Creek Renewables
Cypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has developed more than 12GW of solar projects. Today it owns 2GW of solar facilities in operation and has a 17GW development pipeline. Cypress Creek's leading O&M services business operates and maintains 4GW of solar projects for customers across 19 states. For more information about Cypress Creek, please visit www.ccrenew.com.

About NORD/LB
NORD/LB is a leader investor in the energy & infrastructure sectors, with an established global renewables franchise, and proven track record as a lead arranger in the U.S. project finance market. NORD/LB is a German Landesbank and one of the largest commercial banks in Continental Europe. It is a public corporation, majority-owned by the states of Lower Saxony and Saxony-Anhalt, with head office in Hanover and branches worldwide, incl. dedicated project finance teams in New York, London and Singapore.

SOURCE Cypress Creek Renewables