August 7 (Renewables Now) - Singaporean state-owned investment firm Temasek Holdings Pvt Ltd is leading a group that will make a USD-200-million (EUR 172.5m) equity investment in US solar developer Cypress Creek Renewables LLC.
The group, whose other participants were not mentioned in the announcement, will buy preferred stock and warrants to purchase up to an aggregate 10% stake in the US company.
Cypress Creek will use the fresh capital to support its continued growth through building, investing in and monetising its development portfolio. The company will keep its existing management team and will add two independent directors to its board, the statement says.
By the end of this year, Cypress Creek is expected to have developed and put onstream more than 3.2 GW of projects and own some 1.7 GW on its balance sheet.
(USD 1.0 = EUR 0.863)