Cypress Creek secures USD 450m of debt for solar projects

Cypress Creek solar farm in Texas. (Photo: Business Wire)

April 20 (Renewables Now) - Cypress Creek Renewables (CCR) has obtained USD 450 million (EUR 415m) in debt to finance the growth of its solar and storage project pipeline in the US, the company announced on Tuesday.

Institutional investment manager QIC has acted as a joint lead arranger for the transaction, closing a facility that will provide CCR with a delayed draw sustainability-linked note. The facility comes with a USD-250-million accordion option.

Lenders involved in the deal include CPPIB and CarVal.

CCR said it will use the proceeds to refinance existing indebtedness and to fund the development and construction of its development pipeline.

At present, CCR owns and operates 1.7 GW of solar assets, while also having 12 GW of schemes under development. The firm also services 4 GW of solar parks across the country through its Operator & Maintenance Services division.

(USD 1.0 = EUR 0.922)

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