A fund owned by Swedish investment firm EQT AB (STO:EQT) has agreed to buy US-based Cypress Creek Renewables, which owns 1.6 GW of assets in operation, from funds managed by HPS Investment Partners LLC and Temasek.
Santa Monica, California-based Cypress Creek develops, owns and operates utility-scale and distributed solar and storage projects across 25 US states and also provides operation and maintenance (O&M) services. Since its establishment in 2014, it has commercialised 11 GW of renewable energy capacity.
EQT Infrastructure V fund will acquire Cypress Creek as part of its strategy to invest in sustainable businesses with a positive impact on society. Stockholm-headquartered EQT announced its acquisition plan on Saturday without providing financial details.
According to the buyer, Cypress Creek is “well-positioned to take advantage of the growing renewable energy market” and the transaction will facilitate its expansion.
"With EQT, we will accelerate our sustainable growth in developing the highest-value solar and storage energy projects, providing best-in-class O&M services for ourselves and our customers, and expanding our fleet of operating assets,” said Sarah Slusser, CEO of Cypress Creek.
The acquisition is subject to customary conditions and approvals and is due to be finalised in the second half of 2021.
Barclays was hired as EQT’s financial advisor, while Morgan Stanley & Co LLC will be Cypress Creek’s counsel on financial matters.
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