DURHAM, N.C.--(BUSINESS WIRE)--Cypress Creek Renewables today announced that it has closed a seven-year, $200 million debt financing for the holding company that owns Cypress Creek’s 1.6 gigawatt (GW) portfolio of operating solar energy projects. The facility finances a portfolio comprised of more than 200 solar and storage projects across 13 states.
Rebecca Cranna, Chief Operating Officer and Chief Financial Officer for Cypress Creek said: “This new debt facility marks a key milestone on our path to growing our company, and it provides us with the flexibility to own assets where we see strategic value. These funds strengthen our ability to maintain Cypress Creek’s position as a leading integrated renewable energy company in the U.S.”
Investec Power and Infrastructure Finance – North America (Investec) acted as sole bookrunner, coordinating lead arranger, and administrative agent on the transaction.
Michael Pantelogianis, Co-Head of Investec Power and Infrastructure Finance, North America, commented: “The Cypress Creek Renewables financing illustrates our ability to structure bespoke solutions for clients. We started with a fresh palette and came up with a tailored solution that was well-received by the market.”
Ralph Cho, Co-Head of Investec Power and Infrastructure Finance, North America, commented: “The market is wide open for well-priced, well-structured ESG class assets across all levels of the capital stack from a variety of lenders. We oversubscribed the financing 2.0x from a combination of both commercial banks and institutional investors that directly demonstrates this appetite.”
In addition to Investec, other joint lead arrangers for the transaction included Credit Agricole, East West Bank, and Silicon Valley Bank. Cypress Creek was represented by Kirkland & Ellis LLP as its lead transaction counsel. The lenders were represented by Milbank as transaction counsel.
About Cypress Creek Renewables
Cypress Creek Renewables is powering a sustainable future, one project at a time. We develop, finance, own and operate utility-scale and distributed facilities across the country. With more than 10.3 gigawatts of solar developed and more than 3.4 gigawatts under management, Cypress Creek is one of the country’s leading solar and storage companies. For more information about Cypress Creek, please visit www.ccrenew.com.
About Investec
Investec partners with private, institutional and corporate clients to offer international banking, investments and wealth management services in two principal markets: South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,300 employees. In 2002, Investec implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. In March 2020, the Asset Management business was demerged and separately listed as Ninety One.
This press release is issued on behalf of Investec Bank plc. Registered address: 30 Gresham Street, London, EC2V 7QP. (Reg No. 489604).
Investec Bank plc (Reg. no. 489604) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
