Cypress Creek Renewables has reached financial close for its 248MW Zier Solar and Storage project in Texas.
Norddeutsche Landesbank Girozentrale (“NORD/LB”) acted as Coordinating Lead Arranger (CLA), Lender and LC Issuing Bank alongside Rabobank, National Bank of Canada, and the North American Development Bank as Joint Lead Arrangers for the US$216m (€218m) fundraiser.
Together they have provided a construction-to-term loan, tax equity bridge loan and letter of credit facilities.
The project, located in Kinney County, Texas, is a 208MW solar farm with a 40MW/80MWh battery energy storage system.
Once completed, the project will add installed renewable energy capacity and battery storage to the Texas grid.
Construction commenced concurrent with the financial closing.
Cypress Creek Renewables chief executive Sarah Slusser said: “It has been wonderful partnering with these lenders on another successful financing as we work together toward a more sustainable future.
“We can’t wait to get this project constructed and producing renewable energy that will improve the resiliency and reliability of the Texas grid.”
Cypress Creek has close to 2GW of solar developed to date in Texas.
The Zier Solar and Storage Project is the first solar plus storage project developed by Cypress Creek in Texas and will produce enough energy in its first year to power more than 30,000 homes.