Cypress Creek Closes 270MW Texas Solar Financing

Norbida UK News

US developer Cypress Creek Renewables has closed financing for a 270MW solar project located in Texas.  The Shakes solar project, in Dimmit County, is under construction and is expected to reach commercial operation during the second half of 2022. Cypress Creek will be the long-term owner and operator of the project.

Morgan Stanley, through one of its subsidiaries, is the tax equity provider and Nord/LB, Rabobank, Helaba and National Bank of Canada provided the project finance debt. The energy and renewable energy credits generated by the project have been sold to Axpo US. “At 270MW, Shakes is a cornerstone project for Cypress Creek Renewables and demonstrates our commitment to executing on major projects in support of the energy transition,” said Sarah Slusser, CEO of Cypress Creek. Axpo US head Jeremy Wodakow added: “Risk appetite and risk mitigation requirements have been evolving following the market dislocation caused by the winter storm in Texas.  “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.”





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