• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Corporate News
  • Generation
  • Oil & Gas
  • Regulation
  • Renewable
    • Climate
    • Solar
    • Wind
  • Storage
  • Tech
  • T & D
Energy News Desk Logo

Energy News Desk

Energy News and Data

Cypress Creek Completes Refinancing on North Carolina Solar Portfolio

October 30, 2020 by Solar Industry Mag

Cypress Creek Renewables, a company that develops, finances, owns and operates utility-scale and distributed facilities, has 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. 

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.

“We approached our first refinancing with a holistic, forward-looking strategy: to set up a new debt facility for our initial 92 MW of operating assets reaching their tax equity buyouts, while also establishing a clear framework to expand that facility to include large portions of the remainder of our 1.6 GW operating fleet,” says Cassidy DeLine, vice president of project finance for Cypress Creek. “In our efforts to grow into one of the top U.S. independent power producers, it was key for us to capture this efficiency and low cost of capital, helped by today’s low-interest-rate environment.”

Cypress Creek was represented by Kirkland & Ellis LLP as its lead transaction counsel and by Kilpatrick Townsend & Stockton LLP as its North Carolina counsel. BNP Paribas was represented by White & Case LLP as its lead transaction counsel with McGuireWoods LLP acting as North Carolina counsel.

Cypress Creek provides ongoing operations and maintenance and asset management for its entire fleet.

Filed Under: Renewable, Solar

Primary Sidebar

Join The Daily Charge

This week's top 5 stories in your inbox. No spam ever.

Trending

  • Atlantic Shores Opens the ECO Center in Atlantic City
  • Crowley, Watco Partner to Provide Offshore Wind Management Solutions
  • Irish Ministers Unveil Offshore Wind Projects
  • LONGi High-Efficiency Bifacial Module Shipments Reach 10 GW
  • Masdar Closes on Hefty Portfolio of U.S. Clean Energy Projects
  • ForeFront Power Achieves Commercial Operation on Illinois Solar Project
  • Duke Energy gave half a million to political group before primary, new filings show
  • NA Wind Power Sentry Electrical Adds Renewable O&M Services to Company Offerings
  • This Arkansas school turned solar savings into better teacher pay
  • Oil jumps ahead of 'make-or-break' OPEC meeting

Footer

Trending

  • Atlantic Shores Opens the ECO Center in Atlantic City
  • Crowley, Watco Partner to Provide Offshore Wind Management Solutions
  • Irish Ministers Unveil Offshore Wind Projects
  • LONGi High-Efficiency Bifacial Module Shipments Reach 10 GW
  • Masdar Closes on Hefty Portfolio of U.S. Clean Energy Projects

Recent

  • Stem Provides Smart Energy Storage Solutions to Today’s Power
  • EIA's AEO2021 shows U.S. energy-related CO2 emissions rising after the mid-2030s
  • Homeowners associations still a barrier for some would-be solar customers
  • Commentary: With open standards, U.S. can build EV charging infrastructure faster
  • Vestas Unveils 15 MW Offshore Wind Turbine

Search

Contact Us

Write For Us

  • Email
  • Facebook
  • Twitter

Copyright © 2021 · EnergyNewsDesk.com