Cypress Creek Recapitalizes as Investors HPS, Temasek move to own 100% of Equity

DURHAM, N.C. – August 31, 2020 – Today, Cypress Creek Renewables announced that its institutional investors, HPS Investment Partners (HPS) and Temasek, have agreed to exchange a substantial portion of their investments in the company for common equity. Following the closing of the transaction, HPS and Temasek will own 100% of the common equity in Cypress Creek. The transaction is the result of a thoughtful process to optimize the company’s capital structure and best position it to execute on the long-term growth strategy that was put into place last summer by Cypress Creek’s new leadership.

Cypress Creek and its investors have had detailed discussions about the company’s long-term operating plan, which advances its mission to become the nation’s leading solar independent power producer (IPP). Specifically, all parties are aligned in continuing to grow Cypress Creek’s operating portfolio through the build-out of the company’s development pipeline, comprising 6 gigawatts of high-quality projects. This recapitalization positions Cypress Creek to continue to invest in and grow its key businesses, including its operating portfolio, development pipeline, and industry-leading O&M and asset management divisions.

“With HPS and Temasek’s continued support, we are building Cypress Creek into the top U.S. solar IPP. This recapitalization of HPS and Temasek’s original investment in the company significantly reduces our corporate debt and right-sizes our balance sheet, creating a sustainable capital structure that will enable our success for years to come,” said Sarah Slusser, CEO of Cypress Creek.

The transaction is anticipated to close by year-end 2020 following receipt of required approvals. Aside from the aforementioned changes to the equity ownership of Cypress Creek, no other changes to Cypress Creek’s corporate structure are planned at this time.

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 9.8GW of solar developed and more than 3.2GW 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.