Cypress Creek Renewables has closed on $216 million in financing for its Zier Solar and Storage project. The project, located in Kinney County, Texas, is a 208 MW solar farm with a 40 MW/80 MWh battery energy storage system (BESS).
Once completed, the project will add installed renewable energy capacity and battery storage to the Texas grid. Construction commenced concurrent with the financial closing.
Norddeutsche Landesbank Girozentrale (NORD/LB) acted as coordinating lead arranger (CLA), lender and LC issuing bank alongside Rabobank, National Bank of Canada and the North American Development Bank as joint lead arrangers. Together they have provided a construction-to-term loan, tax equity bridge loan and letter of credit facilities.
“It has been wonderful partnering with these lenders on another successful financing as we work together toward a more sustainable future,” says Sarah Slusser, CEO of Cypress Creek Renewables. “We can’t wait to get this project constructed and producing renewable energy that will improve the resiliency and reliability of the Texas grid.”
Cypress Creek has close to 2 GW of solar developed to date in Texas. The Zier Solar and Storage Project is the first solar plus storage project developed by Cypress Creek in Texas and will produce enough energy in its first year to power more than 30,000 homes.
“We are delighted to have partnered with Cypress Creek Renewables in this financing – the fourth NORD/LB has been entrusted with as CLA on their behalf in the last 12 months. Cypress Creek Renewables has quickly become a force to be reckoned with in the U.S. renewables space, and we are honored to play a part in their success,” states Nicolai Dillow, head of structured finance originations for NORD/LB’s New York branch.