Solar panels and sky in North Carolina

Cypress Creek Announces New Go Forward Strategy

Yesterday Sarah sent the below email to Cypress Creek people describing our Go Forward Strategy.

Cypress team – 

Since Kim, Becky and I joined Cypress Creek just over a month ago, we have worked to develop a Go-Forward Strategy for the company. Today, after meeting with Cypress people across divisions and offices, we are delivering that Go Forward Strategy and aligning our people and our resources for success in this next phase. Cypress Creek’s Go Forward Strategy centers around long-term value creation in solar. With you, we will take this company from its roots of rapid expansion in the Carolinas to a more dynamic national solar company focused on sustainable growth powered by innovative projects and products, including solar and storage.

As Cypress Creek continues to evolve, we will focus on both large-scale projects and distributed generation opportunities in markets where we bring unique strengths and value. While continuing to invest in the Carolinas and PURPA markets, we will also advance development in dynamic wholesale markets, such as PJM and ERCOT, and maintain our leadership position within the community solar segment. This work is well underway, with large-scale ERCOT projects under construction and industry-leading community solar portfolios in Illinois and New York.

This next phase will involve expanding our customer base of corporate offtakers, hedge providers, municipalities, community solar subscribers, in addition to our utility customers. We are partnering with a variety of buyers looking for building long term relationships with offtakers for repeat business, building on our recent successes with bilateral partnerships.

This new focus means we must align our people and our resources. As a part of this next phase, today we are letting you and our vendors and partners, know that we are shifting to a third-party model for Engineering, Procurement and Construction (EPC). This means that we will be winding down our internal EPC division over the coming months. Internal EPC made sense when we were concentrated primarily on deploying solar in the Carolinas, but as we have expanded outside of the Carolinas, it makes less sense. Going forward, we will rely on providers who have expertise in the local markets or have the footprint to effectively deliver projects nation-wide. The model allows Cypress to focus on the core business of developing, financing and operating solar and storage.

During this next phase, we will continue to be one of the most effective solar companies in the country, with one of the largest pipelines in growing markets for solar. We have the right team for this phase, and Kim, Becky and I along with the rest of the executive team, are thrilled to lead you all with the Cypress Creek go-after-it mentality. Together we will build a truly dynamic, resilient, and national solar company to advance the exponential growth of solar.

I look forward speaking with you all tomorrow on the All Hands Call.