Cypress Creek raises $125 million for development pipeline and equipment purchases
Santa Monica, CA – December 23, 2019 – Cypress Creek today announced that it recently closed a $125 million financing facility from funds managed by CarVal Investors to support the purchase of solar equipment and the company’s growing solar and storage project pipeline.
The financing will provide new funds for Cypress Creek’s development pipeline. Additionally, proceeds from the investment will support Cypress Creek’s safe harbor strategy for qualifying equipment under the 30% Investment Tax Credit. The Credit steps down from 30% to 26% in 2020.
“Cypress Creek is powering a sustainable future, one project at a time, and we’re pleased that CarVal’s investment will fuel the growth of our mission,” said Sarah Slusser, CEO of Cypress Creek. “CarVal’s investment backs our strategy to advance our distributed and utility-scale development portfolio in key markets across the US and purchase equipment.”
Earlier this year, Cypress Creek brought on new executive leadership with Sarah Slusser as Chief Executive Officer, Rebecca Cranna as Chief Operating Officer, and Kim Oster as Chief Strategy Officer, and formed a new strategy around long-term value creation for the business. This financing is an important piece of executing on the company’s strategy.
“CarVal Investors is thrilled to back Cypress Creek, one of the largest U.S. solar and storage platforms, and its experienced management team,” said Jerry Keefe, Principal at CarVal Investors. “Cypress Creek is actively developing a diverse and large pipeline of projects across the US, and we’re pleased to make this investment in the company’s future. We believe solar and storage projects play a critical role in America’s clean energy transition.”
About Cypress Creek Renewables
Cypress Creek Renewables is powering a sustainable future, one project at a time. We develop, finance, own and operate utility-scale and distributed facilities across the country. With more than 8 gigawatts of solar developed and more than 2.5 gigawatts under management, Cypress Creek is one of the country’s leading solar and storage companies. For more information about Cypress Creek, please visit www.ccrenew.com.
About CarVal Investors
CarVal Investors is a leading global alternative investment fund manager focused on complex credit intensive assets and market inefficiencies. Since 1987, CarVal has invested $117 billion in 5,390 transactions across 80 countries. CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit www.carvalinvestors.com.
