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Cypress Creek Energy Closes $3.5 Billion Financing for US Solar, Storage Project

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Cypress Creek Energy said on Thursday it has secured $3.5 billion in financing for the first two phases of its Steel River Energy Center in Arkansas, one of the largest solar and battery storage developments in the US.

The renewables firm said the financing supports the construction and early operation of Phases 1 and 2 of the three-stage project, which will deliver 1.63 gigawatts of solar capacity and 1.9 gigawatt-hours of battery storage.

Full buildout by 2029 is expected to reach 2.45 GW of solar and 2.9 GWh of storage, Cypress Creek said in a statement.

The deal was backed by a consortium of global banks, including Barclays (BCS), BNP Paribas, Santander, and Wells Fargo (WFC), which acted as coordinating lead arrangers and joint bookrunners.

Cypress Creek said that long-term power sales for the first two phases have been secured through a virtual power purchase agreement with an investment-grade corporate counterparty, providing revenue certainty for the project.

The company develops, finances, owns, and operates utility-scale solar and storage assets across the United States. It said it has commercialized 19 GW of projects to date and maintains a development pipeline of about 19 GW, with over 6.8 GW currently operating or under construction.

Price: $81.62, Change: $-0.35, Percent Change: -0.43%

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