Cypress Creek Renewables, a leading US solar, and energy storage development company, announced this Wednesday it closed financing for its biggest solar project to date. The project in question is the Shakes, a 270-megawatts solar project located in Dimmit County, Texas.
Firstly, the Shakes project is already under construction. The company expects to have it operational by the second half of 2022. Cypress Creek will also be the long-term owner and operator of the project.
Moreover, Morgan Stanley, through one of its subsidiaries, was the tax equity provider; while Nord/LB, Rabobank, Helaba, and National Bank of Canada provided the project finance debt. According to the statement, completing the financing for Shakes required collaboration and innovative solutions.
In addition, Cypress Creek secured the sale of the project’s renewable energy and renewable energy credits to Axpo US. This is an affiliate of Axpo Solutions, an international leader in developing tailor-made energy solutions for its customers.
On the other hand, Sarah Slusser, CEO, said about the relevance of the project for Cypress Creek. “Shakes is a cornerstone project for Cypress Creek Renewables and demonstrates our commitment to executing on major projects in support of the energy transition.”
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Cypress Creek with a committment to surrounding communities
She also remarked. “We’re thrilled to join forces again with Morgan Stanley, Nord/LB, and Rabobank, and new partners for us, Axpo US, Helaba, and National Bank of Canada, to complete financing on a project that will generate enough power for nearly 40,000 homes annually.”
Furthermore, about the role of Axpo, Jeremy Wodakow, Managing Director and Head of Axpo US, said. “Working closely together with Cypress Creek, we were able to develop a hedging solution that satisfies all stakeholders involved in the project and enabled financial close.”
Cypress Creek is a leading solar company in Texas, indeed. It has more than 1,380MW developed in the state. The Shakes project, specifically, will create 320 to 450 construction jobs and generate $35 million in new property tax revenue over the life of the project for local schools and communities.
Consequently, the project marks a true milestone for the company and solidifies its commitment to the communities. “As the long-term owner and operator of Shakes, we also look forward to continuing to build our relationships throughout the community.” Slusser added.
Finally, Kirkland & Ellis LLP served as Cypress Creek’s legal counsel for the project financing.
