NEW YORK – First Citizens Bank announced that its Energy Finance division served as lead arranger for $133 million in financing to support Cypress Creek Renewables in developing the Destiny Storage project, a utility-scale, standalone battery energy storage system in Harris County, Texas.
Cypress Creek Renewables, a leading renewable energy developer and independent power producer, develops, finances, operates, and owns solar and energy storage projects across the United States, helping to strengthen the country’s energy resilience and sustainability.
Currently under construction, the Destiny Storage project is expected to be completed in early 2026 with a 200 MW storage capacity, playing a key role in enhancing Texas’ grid stability and supporting renewable energy storage.
Sarah Slusser, CEO of Cypress Creek Renewables, stated:
“We are thrilled to announce that our large-scale battery energy storage system has secured $133 million in financing from First Citizens Bank. This pivotal investment marks a significant milestone in our mission to drive the transition to cleaner, more reliable energy. With this funding, we are poised to accelerate the deployment of cutting-edge energy storage solutions, helping to stabilize grids, reduce carbon emissions, and empower communities with sustainable energy. We look forward to making a lasting impact on the future of energy.”
Mike Lorusso, Head of Energy Finance at First Citizens Bank, added:
“First Citizens is pleased to support Cypress Creek Renewables with the Destiny Storage project by arranging financing for its construction and operation. We appreciated this opportunity to put our financing expertise to work as we grow our support of battery energy storage facilities nationwide.”
