Cypress Creek closes financing on 270-MW solar project in Texas

Source: Cypress Creek Renewables (www.ccrenew.com).

October 21 (Renewables Now) - Cypress Creek Renewables on Wednesday announced it has completed financing on a 270-MW solar project currently under construction in Texas’ Dimmit County.

The solar and energy storage company will be the owner and operator of the Shakes photovoltaic (PV) farm and expects to bring it online in the second half of 2022. PCL Construction is in charge of the engineering, procurement and construction (EPC) works.

The financial close on the Shakes project was reached after Cypress Creek secured tax equity from a subsidiary of Morgan Stanley, as well as debt funding from Nord/LB, Rabobank, Helaba and National Bank of Canada. Kirkland & Ellis LLP was the project owner’s legal counsel in the financing deal.

Once up and running, the solar park is expected to produce enough electricity to cover the annual power consumption of almost 40,000 homes. Its output and related renewable energy credits will be sold to Axpo US, an affiliate of Axpo Solutions.

Cypress Creek noted that Shakes is its largest project so far. The company's portfolio of developed solar projects across the US stands at 11 GW, of which 1.38 GW are in Texas.

More stories to explore
Share this story
Newsletter
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\