HOUSTON, 20 October 2021 / PRNewswire / – Cypress Creek Renewables, a leading solar energy and energy storage company, has closed funding for Shakes, a 270 MW solar project located in Dimmit County, Texas. The Shakes Solar Project is currently under construction and is expected to go into commercial operation in the second half of 2022. Cypress Creek will be the long-term owner and operator of the project.
Morgan Stanley, through one of its subsidiaries, is the tax fairness provider and Nord / LB, Rabobank, Helaba and the National Bank of Canada have provided debt financing for the project. The energy and renewable energy credits generated by the project were sold to Axpo US, a subsidiary of Axpo Solutions, an international leader in the development of tailor-made energy solutions for its customers.
“With 270 MW, Shakes is a key project for Cypress Creek Renewables and demonstrates our commitment to delivering major projects in support of the energy transition,” said Sarah Slusser, CEO of Cypress Creek. “We are delighted to join forces again with Morgan Stanley, Nord / LB and Rabobank, and new partners for us, Axpo US, Helaba and the National Bank of Canada, to finalize funding for a project that will generate sufficient electricity for nearly 40,000 homes per year. As the long-term owner and operator of Shakes, we also look forward to continuing to develop our relationships across the community.
Finalizing Shakes funding required collaboration and innovative solutions. Jeremy Wodakow, Managing Director and Head of Axpo US, said: “Risk appetite and risk mitigation requirements have evolved following the market dislocation caused by the winter storm in Texas. By working closely with Cypress Creek, we were able to develop a roofing solution. which satisfies all the stakeholders involved in the project and has enabled a financial closure. Texas and all over the United States. “
Jorge Iragorri, Head of Alternative Finance and Managing Director of Morgan Stanley, said, “We are delighted to partner with Cypress Creek Renewables to deliver the investment to Shakes, as we continue to advance the transformation of the U.S. energy grid into a future. with lower carbon emissions.
Sondra Martinez, Managing Director of Nord / LB, said: “Nord / LB is delighted to support Cypress Creek with Shakes Funding which used a very innovative hedging structure. The transaction builds on our long-standing relationship and history of working together on creative financing solutions. . “
Cypress Creek is a leader in the Texas solar market with 1,380 MW developed in the state. The Shakes Project is expected to create 320-450 construction jobs and generate $ 35 million in new property tax revenue over the life of the project for schools and local communities.
Kirkland & Ellis LLP was legal counsel to Cypress Creek in financing the project, Mayer Brown LLP was legal counsel to Morgan Stanley, Winston & Strawn LLP was legal counsel to the lenders and Norton Rose Fulbright US LLP was the Axpo’s legal advisor. PCL Construction is the engineering, procurement and construction provider.
Cypress Creek Renewable Energy
Cypress Creek Renewables is powering a sustainable future, one project at a time. We develop, own and operate large-scale and distributed solar and energy storage projects across United States. With 11 GW of solar power developed and 3.8 GW under management, Cypress Creek is one of the nation’s leading solar and storage companies. For more information on Cypress Creek, please visit www.ccrenew.com.
SOURCE Cypress Creek Renewables