Cypress Creek Finances 505 MW Solar Project to Support Meta and Texas Economy

Cypress Creek Secures Financing for Major Solar Project in Texas

Cypress Creek Renewables has recently announced that it has officially closed financing and commenced construction for its flagship project, the 505-megawatt (MWdc) Hanson Solar facility, located in Coleman County, Texas. This substantial initiative is not just a progression in renewable energy but a strategic partnership with Meta, aimed at meeting their sustainability goals while bolstering Texas’s energy grid and its economic landscape.

Once operational, the Hanson Solar project will provide essential electricity to the ERCOT grid through a power purchase agreement with Meta. This engagement underscores the importance of renewable energy in supporting corporate sustainability endeavors and enhancing grid reliability. With this project, Cypress Creek is poised to deliver significant economic benefits through job creation and tax revenue, further establishing Texas as a frontrunner in energy innovation.

Sarah Slusser, the CEO of Cypress Creek Renewables, views the successful financing of the Hanson Solar project as a pivotal milestone that not only reflects the company's expanding investments in Texas but also exemplifies its ongoing collaboration with progressive customers like Meta. She states, "Projects like Hanson Solar contribute significantly to meeting the immediate demands for reliable and cost-effective energy solutions, driving economic growth nationally."

The groundwork for the project began earlier this year, with TIC - The Industrial Company, a subsidiary of Kiewit Corporation, designated as the Engineering, Procurement, and Construction (EPC) contractor. The Hanson Solar facility is expected to generate approximately 300 construction jobs and yield over $80 million in local tax revenue throughout its operational lifespan.

Financing for the Hanson Solar initiative comprised both preferred equity and debt sources, indicating robust lender confidence in Cypress Creek’s operational model. The preferred equity was secured through funds managed by a distinguished global credit asset manager overseeing over $350 billion in assets. Meanwhile, debt financing was granted by MUFG Ltd. and SMBC, further validating investor trust in the project’s foundation and future impact.

Takaki Sakai, Managing Director at MUFG Bank, expressed enthusiasm about the partnership, commenting, "Providing debt financing for the Hanson Solar project is a significant leap in enhancing renewable energy capacity throughout Texas. Our ongoing collaboration with Cypress Creek showcases our dedication to supporting infrastructure that aligns with global sustainability objectives."

Similarly, Paul Jun, Group Head of Power & New Energies North America at SMBC, conveyed optimism regarding the investment potential, noting, "The Hanson Solar project presents a compelling opportunity in the renewable energy sector, and SMBC is thrilled to contribute to its realization. The robust development framework and financial prospects make this endeavor vital for the clean energy economy."

The operational kickoff for Hanson Solar is anticipated by mid-2027, projecting to deliver stable power supply to ERCOT alongside enduring economic benefits for local communities in Texas.

About Cypress Creek Renewables

Cypress Creek Renewables is a prominent leader in the renewable energy landscape, known for developing, financing, owning, and managing utility-scale solar and energy storage projects across the United States. Since its inception, the company has successfully commercialized more than 12 gigawatts (GW) of projects with an existing operational and developmental portfolio exceeding 3 GW in solar and storage. Their operational division, Cypress Creek Solutions, maintains over 4 GW of solar projects across 24 states.

For additional insights on Cypress Creek's initiatives and projects, visit their official website at www.ccrenew.com.