Cypress Creek secures $450M debt to fund solar, battery projects

Cypress Creek Renewables LLC secured a $450 million debt from QIC Ltd. to fund its solar and storage project pipeline.

QIC acted as joint lead arranger alongside leading lenders, including Canada Pension Plan Investment Board and CarVal, the independent renewable energy producer said April 19.

The delayed draw sustainability-linked note is structured at a holding company level and will be used to refinance existing debt aside from financing projects. It also includes a $250 million accordion option.

Cypress Creek has developed more than 11 GW of solar projects since its inception. The company owns and operates its own 1.7-GW fleet of solar assets, with 12 GW of active development pipeline.