Cypress Creek Secures $3.5B for Steel River Solar and Storage Buildout

Cypress Creek Energy has closed financing for the first two phases of its Steel River Energy Center, securing $3.5 billion to fund construction and operations for a large-scale solar and storage buildout.

Phases 1 and 2 will add 1.63 gigawatts of solar capacity and 1.9 gigawatt-hours of battery storage to the regional grid, with the three-phase project expected to reach 2.45 GW of solar and 2.9 GWh of storage by 2029. The financing was fully underwritten by coordinating lead arrangers Barclays, BNP Paribas, Santander and Wells Fargo. Cypress Creek also closed a tax equity investment with a major tax equity investor alongside the construction package.

Long-term power sales for the initial phases are backed by a virtual power purchase agreement with an investment-grade corporate buyer, providing revenue visibility for the project.

“This financing reflects both the scale of the project and the strong support we’re seeing from the capital markets for high-quality energy infrastructure projects backed by experienced sponsors,” said Kevin Smith, CEO of Cypress Creek Energy.

Cypress Creek estimates the project will generate nearly $300 million in new tax revenue over its lifetime and create about 700 on-site construction jobs, in addition to indirect employment across hotels, restaurants, suppliers and other local businesses.