Cypress Creek Renewables and Cubico Sustainable Investments have achieved commercial operations at the 162MW Wagyu solar farm in Texas.
Cubico Sustainable Investments owns the project, which is located in Brazoria County near Houston, while Cypress Creek developed the facility and will provide ongoing operations, maintenance and asset management.
Wagyu has a 15-year corporate power purchase agreement with Starbucks and a 12-year physical hedge with BP.
Cypress Creek chief executive Sarah Slusser said: “Wagyu is Cypress Creek’s largest project to date and our 21st project in Texas to reach commercial operation, highlighting our team’s deep experience developing, building and financing projects in Texas.
“The sophistication and complexity of the deal structure provided an excellent opportunity for our finance team to flex their creativity.
“The entire Cypress Creek team is thrilled to work alongside Cubico in creating valuable projects that benefit communities, bringing jobs, clean energy, and a tax base for the future.”
Cypress Creek collaborated with Cubico on the tax equity and the debt financing for the project.
Tax equity was provided by US Bank, while project finance debt was provided by HSBC, Nord LB and Rabobank.