Cypress Creek closes $200M debt financing backed by 1.6 gigawatt solar portfolio

Cypress Creek Renewables completed a seven-year debt financing of $ 200 million for the holding company, which owns Cypress Creek’s 1.6 gigawatt portfolio for operating solar energy projects. The facility funds a portfolio of more than 200 solar and storage projects in 13 states.

“This new credit facility marks an important milestone on our journey to grow our business and gives us the flexibility to own assets that we see strategic value in. These funds strengthen our ability to maintain Cypress Creek’s position as the leading integrated renewable energy company in the United States, “said Rebecca Cranna, Cypress Creek’s chief operating officer and chief financial officer

Investec Power and Infrastructure Finance – North America acted as sole bookrunner, coordinating the lead arranger and administrative agent on the transaction.

Michael Pantelogianis, Co-Head of Investec Power and Infrastructure Finance, North America, commented, “The financing from Cypress Creek Renewables demonstrates our ability to structure bespoke solutions for clients. We started with a fresh pallet and found a tailor-made solution that was well received by the market. “

“The market is wide open to inexpensive, well-structured ESG-class assets at all levels of the capital stack from various lenders. We oversubscribed the funding 2.0x from a combination of commercial banks and institutional investors, which directly shows that appetite. “Ralph Cho, Co-Head of Investec, added.

In addition to Investec, Credit Agricole, East West Bank and Silicon Valley Bank were other joint lead arrangers for the transaction. Cypress Creek was represented by Kirkland & Ellis LLP as the lead transaction advisor. The lenders were represented by Milbank as transaction advisor.

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