Cypress Creek secures $450 million in funding

“This agreement accelerates our mission to put as much solar in the ground as soon as possible”

July 25, 2017 Christian Roselund

Image: Cypress Creek Renewables

Of all the solar developers who are expanding on the rising tide of the U.S. utility-scale market, few are growing as quickly as Cypress Creek.

And it just got better this morning, with an announcement that the solar developer has secured a $450 million facility funded by a group of investors led by Singapore’s Temasek. Cypress Creek says that it will use this substantial sum of money to do what it has been doing – developing, building and acquiring solar projects across the United States – only faster.

“This agreement accelerates our mission to put as much solar in the ground as soon as possible,” noted Cypress Creek CEO Matt McGovern.

This is only the latest for Cypress Creek, which has only been in business for three years. While the company suffered a setback in Montana, where some projects will have to settle for lower-priced contracts under changes in local implementation of the federal energy law PURPA, Cypress Creek has also expanded into battery storage.

Additionally, the company announced at Intersolar North America that it had signed a 10-year master services agreement with leading inverter maker SMA, under which SMA will handle preventative maintenance on Cypress’ national portfolio of solar projects.

Some of Cypress Creek’s impressive growth has come from swallowing up other companies. Late last year the company announced the acquisition of North Carolina’s FLS Energy, which expanded its construction capabilities, and since then has reached more than 1 GW of solar deployed.

And while North Carolina has been a big market for Cypress Creek, the company has built plants in eight states, and has projects under development in “more than a dozen”.

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