SANTA MONICA, CA; September 6, 2022 – Cypress Creek Renewables is pleased to announce the closing of $216 million in financing for its Zier Solar and Storage project.
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.
The project, located in Kinney County, Texas, is a 208MW solar farm with a 40MW/80MWh 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.
"It has been wonderful partnering with these lenders on another successful financing as we work together toward a more sustainable future," said 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."
"We are delighted to have partnered with Cypress Creek Renewables in this financing – the 4th 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," said Nicolai Dillow, Head of Structured Finance Originations for NORD/LB''s New York branch.
About Cypress Creek RenewablesCypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has developed more than 12GW of solar projects. Today it owns 2GW of solar facilities in operation and has a 17GW development pipeline. Cypress Creek''s leading O&M services business operates and maintains 4GW of solar projects for customers across 19 states. For more information about Cypress Creek, please visit
About NORD/LBNORD/LB is a leader investor in the energy & infrastructure sectors, with an established global renewables franchise, and proven track record as a lead arranger in the U.S. project finance market. NORD/LB is a German Landesbank and one of the largest commercial banks in Continental Europe. It is a public corporation, majority-owned by the states of Lower Saxony and Saxony-Anhalt, with head office in Hanover and branches worldwide, incl. dedicated project finance teams in New York, London and Singapore.
Cypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has developed 12GW of solar projects. Today it owns more than 2GW of solar and has a more than 20GW solar and storage pipeline. Cypress Creek''s leading O&M services business, Cypress Creek Solutions, operates and maintains more than 4GW of solar projects for customers across 24 states.
We create and operate valuable solar and storage projects that benefit communities for decades.
Developer Cypress Creek Renewables has acquired four standalone battery energy storage system (BESS) projects totalling 400MW/600MWh in Texas, US, from Black Mountain Energy Storage (BMES).
The projects have a nameplate power of 100MW each and are located in the market run by Texas’ main grid operator, the Electric Reliability Council of Texas (ERCOT).
Cypress Creek will continue project development, entitlement, engineering, procurement, financing, construction, and will operate the 400MW/600MWh portfolio once they become operational, which is expected to occur in 2024.
The projects were acquired from Black Mountain Energy Storage (BMES), part of energy development group Black Mountain. A press release announcing the sale to Cypress Creek did not specify the names of the projects, but a BMES announcement in March this year said the company had signed an exclusivity agreement with an unnamed company for four 100MWac units in development – Brazos Bend BESS, Seven Flags BESS, Third Coast BESS and Tierra Seca BESS.
A few weeks ago, BMES sold two 100MW/200MWh projects to Canadian Solar subsidiary Recurrent Energy, also in Texas and also due for completion in 2024. BMES has not named or provided details on projects other than these six it has sold. But, whilst commenting on the sale to Recurrent, BMES CEO said the company has “….3.0GW of optimally sited ERCOT BESS projects in the hopper behind these two."
Nationally, Cypress Creek has developed more than 11GW of solar to date and has a 15GW solar and storage pipeline. In the ERCOT market, Cypress Creek has developed 5GW of solar and storage assets. The developer has been owned by global private equity firm EQT since July last year.
“ERCOT is an incredibly dynamic power market, and standalone storage assets will continue to provide opportunities to increase grid reliability through flexible and dispatchable resources,” said Jack Murray, director of M&A at Cypress Creek.
Texas is the second-fastest growing market for BESS deployments after California. BESS projects derive revenues from energy trading – the market has no centralised capacity auctions – around congested nodes alongside grid ancillary support services, mainly regulation reserve service (RRS) and a sub-set within that group called fast frequency response (RRS-FFR).
The market is moving from one-hour to two-hour systems as energy trading grows as a proportion of revenues and BMES’ projects reflect this shift.
As was the case with the Recurrent deal, this transaction was facilitated through the LevelTen Energy Asset Marketplace, a platform connecting renewable energy projects and with buyers.
The company acquired four standalone energy storage projects, each with 100MW of capacity, located across the Electric Reliability Council of Texas (ERCOT).
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All the energy storage projects are currently in their development phases and are expected to come online in 2024.
The financial details of the deal have not been disclosed.
Cypress Creek mergers and acquisitions (M&A) director Jack Murray said: "ERCOT is an incredibly dynamic power market, and standalone storage assets will continue to provide opportunities to increase grid reliability through flexible and dispatchable resources.
"Black Mountain has been an exceptional partner to work with and we are excited to throw our development, EPC and financing expertise behind these assets to move them across the finish line, affirming our commitment to developing resilient renewable energy resources throughout Texas."
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Cypress Creek said that it will continue the project development, entitlement, engineering, procurement, financing and construction of the energy storage portfolio.
BMES CEO Rhett Bennett said: "It was a pleasure working with the Cypress Creek team, and we are pleased to have assisted them on their journey to be one of the most significant renewables developers in the US.
"Cypress not only understands the power market but also the critical importance of energy storage. They are committed to renewable energy, and we are excited about the potential of these projects and the immense positive impact they will bring to the grid."
The deal was facilitated through LevelTen Energy Asset Marketplace.
Last July, the EQT Infrastructure V fund agreed to purchase Cypress Creek from certain funds managed by HPS Investment Partners and Temasek.
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