Cypress Creek Closes $3.5B Deal for Grid-Scale Energy Project
U.S. renewable energy developer Cypress Creek Energy has secured $3.5 billion in financing for the first two phases of its Steel River Energy Center in Arkansas, advancing one of the largest solar-plus-storage projects currently under development in the United States.
The financing package supports construction and long-term operations of Phase 1 and Phase 2 of the multi-stage project, which will ultimately deliver 2.45 GW of solar generation capacity and 2.9 GWh of battery storage by 2029.
The deal was underwritten by Barclays, BNP Paribas, Santander, and Wells Fargo, reflecting continued strong lender participation in large-scale energy infrastructure projects across the U.S. market.
According to Kevin Smith, Chief Executive Officer of Cypress Creek Energy, “this financing demonstrates strong capital market support for utility-scale energy infrastructure as electricity demand continues to rise across the United States.”
The Steel River Energy Center combines solar generation with battery storage systems designed to improve grid reliability by shifting renewable output to peak demand periods and reducing intermittency.
Cypress Creek said the project will prioritize domestic sourcing, including “100% U.S.-made structural steel, much of it sourced from Mississippi County, Arkansas,” as well as solar modules manufactured by First Solar and additional components supplied by Arkansas-based companies.
Once fully operational, the project is expected to generate nearly $300 million in tax revenue over its lifetime and create approximately 700 construction jobs, alongside broader regional economic benefits.
Cypress Creek, one of the largest privately held renewable energy developers in the United States, operates a multi-gigawatt portfolio of solar and storage assets across the country.
Source: finance.yahoo.com
