QIC and Cypress Creek Renewables Close US$450 Million Debt Facility To Fund Growth of Solar and Storage Project Pipeline

QIC and Cypress Creek Renewables (CCR) announced the closing of a US$450 million debt facility to fund the growth of CCR's robust solar and storage project pipeline.

CCR's projects are in line with the increasing demand for renewable resources in the United States, and will help fulfill the same. 

Acting as a Joint Lead Arranger alongside leading lenders including CPPIB and CarVal, QIC has closed the facility that will provide the CCR affiliate with a US$450 million delayed draw sustainability-linked note.

The Facility is structured at a holding company level and will be used to refinance existing indebtedness and to fund the development and construction of CCR's growing development pipeline.

One of the largest solar owners and developers in the U.S., CCR has developed more than 11GW of solar projects since its establishment. CCR owns and operates its own 1.7GW fleet of solar assets and has a 12GW active development pipeline.

"We are thrilled to tap into more efficient capital to fuel our ambitious growth plans to make the planet more sustainable," said Sarah Slusser, CEO, Cypress Creek. "Building high quality solar and storage projects is our core business and having capital partners dedicated to our mission is particularly exciting. We look forward to accelerating our growth.

"Solar will almost certainly represent one of the largest slices of the pie in terms of new capacity that comes online in the U.S. over the next several years," said Lindsay Scully, QIC Principal – Infrastructure Debt, based in QIC's New York office. "With its track record and pipeline, we believe Cypress Creek is a clear leader in the solar development space and also has one of the most attractive operating portfolios, so we see it as an ideal partner for our capital.

"We are especially pleased by the company's willingness to work alongside us, the other Lead Arrangers, and Credit Agricole as sustainable structuring agent to implement the sustainability linkage in the Facility."