Morning Brief: Highview breaks ground on cryogenic long-duration storage, Recurrent starts construction on 186-MW solar project

Construction of the 186-MW Pflugerville Solar Project project in Travis County, Texas near Austin, Texas is on its way. Developed by Recurrent Energy, it will span nearly 950 acres — with Signal Energy directing the EPC activities of the project. RP Construction Services will perform the mechanical installation and E Light Electric will perform the low voltage electrical installation. The project will feature single-axis solar trackers from Array Technologies. Source: Recurrent Energy

Highview Power, maker of a long-duration, cryogenic energy storage system that uses liquid air to deliver over 4 hours of energy, has broken ground on a 50MW/250MWh long duration energy storage facility in the UK. The facility, to be constructed just outside of Manchester under a joint venture with Carlton Power, will be one of the largest battery storage systems in Europe.  Source: Highview Power

Cypress Creek Renewables completed a tax equity buyout and refinancing of project-level debt for 92 MW of its solar energy portfolio across North Carolina, making Cypress Creek the sole owner of these projects. BNP Paribas acted as the primary lender and lead arranger for the transaction. In the renewable energy industry, project sponsors are typically afforded an opportunity to purchase the equity interests held by tax equity investors in projects after the first five years of operations. This is the first such tax equity buyout transaction Cypress Creek has completed to date, and the company plans to pursue similar transactions to acquire sole ownership of more projects in its operating fleet going forward. Source: Cypress Creek Renewable