Cypress Creek Renewables Secures Major Financing for 104MW Solar Project in Washington State

Cypress Creek Renewables Starts Construction on Ostrea Solar Project

Cypress Creek Renewables, a prominent player in the solar and energy storage sector, has announced the closing of $150 million in financing for its new Ostrea Solar project in Yakima County, Washington. This significant step marks the beginning of a new chapter in the company’s mission to support the clean energy movement.

Project Details

Once completed, the Ostrea Solar installation will have a capacity of 104 megawatts (MW), enabling it to generate sufficient electricity to meet the needs of approximately 15,000 to 16,000 homes annually. This project not only aligns with Washington's clean energy goals but also further solidifies Cypress Creek’s commitment to renewable energy.

CEO Sarah Slusser expressed enthusiasm about the project, stating, “We are thrilled to have secured financing for Ostrea, our first project to reach this milestone in Washington State.” The project highlights the company’s ability to forge strong partnerships that drive clean energy initiatives in local communities.

Economic Impact

The construction phase commenced in February, with PCL Construction’s Solar Division taken on as the Engineering, Procurement, and Construction (EPC) contractor. The development of the Ostrea Solar project is set to create around 250 construction jobs, making a considerable contribution to the local economy. Additionally, it is expected to generate an estimated $15 million in tax revenue for Yakima County throughout its operational lifespan.

Financing Insights

MUFG Bank served as the coordinating lead arranger for the construction financing, partnering with BNP Paribas, DNB Bank ASA, and Santander. U.S. Bank is also involved as the tax equity investor for this ambitious venture. Takaki Sakai from MUFG Bank underscored the importance of this project in reinforcing the financial backing of high-quality renewable energy initiatives, reflecting the firm's strategic focus on sustainable infrastructure and energy transition investments.

Commitment to Renewable Energy

Cypress Creek Renewables is recognized for its extensive experience and substantial portfolio in the renewable energy sector. The company has commercialized over 12 gigawatts (GW) of solar projects since its inception and currently manages more than 2 GW of solar energy generation. With a robust pipeline of an additional 20 GW of solar and storage projects under development, Cypress Creek continues to play an integral role in the advancement of renewable energy across the United States.

Expected to reach commercial operation by mid-2026, Ostrea Solar stands as a testament to the ongoing transition towards cleaner energy sources. The project represents not only a significant milestone for Cypress Creek but also an essential step towards meeting the growing energy demands while reducing carbon emissions. By harnessing the power of solar energy, the Ostrea project will contribute to environmental sustainability and the region's energy autonomy, leading toward a greener future.

Conclusion

Cypress Creek Renewables is paving the way for a sustainable energy future in Washington State. With the launch of the Ostrea Solar project, the company is not only investing in clean energy but also enhancing local economies, creating jobs, and contributing to a healthier environment. The momentum towards renewable energy initiatives like this underscores the collective movement towards sustainable power solutions, promoting energy independence and long-term environmental stewardship.