Cypress Creek Renewables Closes Financing for Texas Solar and Storage Project
Cypress Creek Renewables announce the closing of $216 million in financing for its Zier Solar and Storage project.
September 07, 2022. By News Bureau
Cypress Creek Renewables is pleased to announce the closing of $216 million in financing for its Zier Solar and Storage project.
Norddeutsche Landesbank Girozentrale (NORD/LB) acted as Coordinating Lead Arranger (CLA), Lender and LC Issuing Bank alongside Rabobank, National Bank of Canada, and the North American Development Bank as Joint Lead Arrangers.
Together they have provided a construction-to-term loan, tax equity bridge loan and letter of credit facilities.
The project, located in Kinney County, Texas, is a 208MW solar farm with a 40MW/80MWh battery energy storage system (BESS). Once completed, the project will add installed renewable energy capacity and battery storage to the Texas grid. Construction commenced concurrent with the financial closing.
"It has been wonderful partnering with these lenders on another successful financing as we work together toward a more sustainable future," said Sarah Slusser, CEO of Cypress Creek Renewables. "We can't wait to get this project constructed and producing renewable energy that will improve the resiliency and reliability of the Texas grid."
"We are delighted to have partnered with Cypress Creek Renewables in this financing – the 4th NORD/LB has been entrusted with as CLA on their behalf in the last 12 months. Cypress Creek Renewables has quickly become a force to be reckoned with in the U.S. renewables space, and we are honored to play a part in their success," said Nicolai Dillow, Head of Structured Finance Originations for NORD/LB's New York branch.
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