Big US Solar and Battery Project Lines Up $3.5 Billion Financing
(Bloomberg) -- Renewables developer Cypress Creek Energy closed on a $3.5 billion financing for one of the biggest solar and battery projects in the US, a sign of sustained investor interest amid federal pushback against clean energy.
The funding will support construction of the first two phases of the Steel River Energy Center in Arkansas, which plans to deliver 1.63 gigawatts of solar and 1.9 gigawatt-hours of battery storage, Cypress Creek said Thursday in a statement. The output will be purchased by an undisclosed technology company with substantial power needs, the company said.
“This is going to be a bit more of the norm as we go forward with deals of this magnitude and size as we see demand in the US kind of skyrocketing,” said Kevin Smith, Cypress Creek’s chief executive officer, in an interview.
The deal underscores how solar power remains a key part of the nation’s energy mix despite President Donald Trump’s attacks against clean energy since returning to office last year.
In the first quarter, solar and battery storage made up 91% of new US power-generation capacity additions, according to a report published Wednesday by the Solar Energy Industries Association and Wood Mackenzie. The growth comes as the rapid buildout of energy-hungry data centers drives demand for new sources of electricity.
Cypress Creek purchased the Steel River Energy Center from Swift Current Energy in March. The project will draw on US manufacturing, including steel produced in Arkansas, solar panels supplied by First Solar Inc. and trackers made by Nextpower Inc., Smith said.
Financing for Cypress Creek was led by Barclays Plc, BNP Paribas SA, Banco Santander SA and Wells Fargo & Co.
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