Cypress Creek Energy has announced financial close on Phase 1 and Phase 2 of the Steel River Energy Center. The transaction secures USD3.5bn in financing to support construction and long-term operation of the project’s first two phases, which will add 1.63 GW of solar and 1.9 GWh of BESS to the regional grid. Upon full buildout, the three-phase project is expected to provide 2.45 GW of solar and 2.9 GWh of battery storage by 2029.
The financing was fully underwritten by initial coordinating lead arrangers Barclays, BNP Paribas, Santander, and Wells Fargo. Concurrent with the construction financing, Cypress Creek closed tax equity financing with a major tax equity investor. Long-term power sales for Phases 1 and 2 has been secured through a virtual power purchase agreement with an investment-grade corporate counterparty.
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