Cypress Creek Renewables closes $125M Debt Facility with Investec, Other Lenders
DURHAM, N.C., May 6, 2022 /PRNewswire/ — Cypress Creek Renewables and Investec are pleased to announce the closing on May 3 of a $125 million debt facility to further fund the growth of Cypress Creek’s solar and storage pipeline. The facility is the second of its kind that Cypress Creek and Investec have closed together.
Investec is acting as a coordinating lead arranger alongside Credit Agricole, East West Bank, National Bank of Canada, Norddeutsche Landesbank, Silicon Valley Bank and Toronto-Dominion Bank on the $125 million revolving letter-of-credit and revolving working capital joint facility. The capital will allow Cypress Creek to continue the growth of its solar and storage pipeline, working to meet the increasing demand for renewable energy in the United States.
“We are thrilled to be working with Investec as a capital partner again and want to commend everyone involved in this closing for their creativity in making it happen,” Rebecca Cranna, COO of Cypress Creek said. “Having partners who are also dedicated to our mission to develop high quality solar and storage projects for a more sustainable future is something to celebrate.”
“Investec is delighted to have closed another successful financing for Cypress Creek,” said Fred Petit, Head of Renewables for Investec’s North American Power & Infrastructure group. “We worked with CCR to identify a syndicate of lenders that could deliver a cost-effective financing for CCR’s development needs. This financing confirms Investec’s commitment to ESG and our excellent distribution capabilities.”
About Cypress Creek Renewables
Cypress Creek is a leading renewables IPP. Cypress Creek develops, finances, owns and operates utility-scale and distributed solar and energy storage projects across the United States. Its mission is to power a sustainable future, one project at a time. Since inception, Cypress Creek has developed more than 11GW of solar projects. Today it owns 1.7GW of solar, has a 12GW pipeline and through its leading O&M services business, operates 3.9GW of solar projects. For more information about Cypress Creek, please visit www.ccrenew.com.
Investec partners with private, institutional and corporate clients, offering international banking, investment and wealth management services in its principal markets, North America, South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,200+ employees. Investec has a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. For more information on Investec, please visit www.investec.com.
Cypress Creek was represented by Kirkland & Ellis LLP, and the lenders by Milbank LLP, as transaction counsel.
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SOURCE Cypress Creek Renewables
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