Investec Power and Infrastructure Finance acted as sole bookrunner, coordinating lead arranger and administrative agent on a seven-year, $200 million debt financing facility for a holding company of Cypress Creek Renewables.
Other joint lead arrangers include Credit Agricole, East West Bank and Silicon Valley Bank. Cypress Creek was represented by Kirkland & Ellis as its lead transaction counsel. The lenders were represented by Milbank as transaction counsel.
The financing is intended for the holding company that owns Cypress Creek’s 1.6 gigawatt (GW) portfolio of operating solar energy projects. The facility finances a portfolio comprised of more than 200 solar and storage projects across 13 states.
“This new debt facility marks a key milestone on our path to growing our company, and it provides us with the flexibility to own assets where we see strategic value. These funds strengthen our ability to maintain Cypress Creek’s position as a leading integrated renewable energy company in the U.S,” Rebecca Cranna, CFO and chief operating officer at Cypress Creek, said.
“The Cypress Creek Renewables financing illustrates our ability to structure bespoke solutions for clients. We started with a fresh palette and came up with a tailored solution that was well-received by the market,” Michael Pantelogianis, co-head of Investec Power and Infrastructure Finance, North America, said.
“The market is wide open for well-priced, well-structured ESG class assets across all levels of the capital stack from a variety of lenders. We oversubscribed the financing 2.0x from a combination of both commercial banks and institutional investors that directly demonstrates this appetite,” Ralph Cho, co-head of Investec Power and Infrastructure Finance, North America, said.
Cypress Creek Renewables develops, finances, owns and operates utility-scale and distributed facilities.
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