Cypress Creek Renewables Sells Massachusetts Community Solar Projects to CarVal Investors

DURHAM, NC – December 1 2020 – Cypress Creek Renewables today announced that it has completed the sale of two Massachusetts community solar projects totaling 6.35 megawatts (MW) to CarVal Investors. The projects, which are located in Bristol and Franklin counties, are community solar projects that Cypress Creek developed under the state’s Solar Massachusetts Renewable Target (SMART) program.

Sarah Slusser, CEO of Cypress Creek Renewables, said, “This expansion of the existing relationship between Cypress Creek and CarVal is truly a reflection of the strength of the partnership our teams have built. We are pleased to have this opportunity to get involved in Massachusetts’ SMART program, while providing affordable power to Massachusetts homes and businesses.”

In addition to this sale, CarVal also provides Cypress Creek with development capital under a 2019 loan agreement. This is Cypress Creek’s first sale to CarVal in its role as a long-term solar asset owner.

“We are pleased to be part of the Massachusetts SMART solar and storage program as we continue to build on our partnership with Cypress Creek,” said Jerry Keefe, principal, CarVal Investors. “Clean energy is a huge focus for our business today and we look forward to investing in other projects like this in the years to come.”

The projects were originally developed by Clean Energy Collective, then purchased by Cypress Creek, which completed all late-stage development work. Construction is currently underway on both projects by EPC contractor Signal Energy DG, with commercial operation anticipated in spring 2021. Cypress Creek O&M Services will provide operations and maintenance for the projects.

Local residents and commercial businesses can receive savings on their electric bills by subscribing to the community solar projects. Subscriptions and ongoing program management are provided by Community Solar Platform. Interested Massachusetts electric customers can sign up for a project subscription by visiting RooflessSolar site or emailing info@communitysolarplatform.com.

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 10.3 gigawatts of solar developed and more than 3.4 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 an established global alternative investment fund manager focused on complex credit intensive assets and market inefficiencies. Since 1987, CarVal has invested $124 billion in 5,495 transactions across 82 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.

About Signal Energy DG
Signal Energy DG, headquartered in Chattanooga, Tn., is a leading full-service design/build contractor providing engineering, procurement and construction (EPC) services for DG, Community Solar, and utility-scale solar projects to 100MW. Signal Energy DG is a subsidiary of Signal Energy, LLC. For more information, visit www.signalenergy.com.