Cypress Creek Renewables, a Solar and Storage Company, has been Acquired by Eqt

EQT has agreed to buy US-based solar and storage company Cypress Creek Renewables with investment companies HPS Investment Partners and Temasek.

Cypress Creek, based in California, develops, finances, manages, and owns utility-scale and distributed solar and storage systems. The firm has 1.6GW of active assets and has monetised 11GW of projects since its launch in 2014. It has a presence in 25 US states.

The collaboration with EQT, located in Sweden, will help Cypress Creek increase its fleet of operational assets and scale its operations and maintenance business.

The developer will be purchased by the EQT Infrastructure V fund in the transaction, which is anticipated to conclude in the second half of 2021.

“Cypress Creek is essential to the development and infrastructure of renewable energy in North America. Its platform is well-positioned to profit from the tailwinds of rising and long-lasting demand for clean and responsible energy,” said Alex Darden, a partner on EQT Infrastructure's advisory team.

In conjunction with the transaction, Barclays served as financial advisor to EQT Infrastructure, while Simpson Thacher & Bartlett provided as legal counsel. Cypress Creek's financial advisor was Morgan Stanley & Co, and its legal counsel was Kirkland & Ellis.

Last year, Cypress Creek added almost 400MW of utility-scale and distributed solar to the grid, with facilities in Maryland, New York, North Carolina, South Carolina, and Texas, as well as the company's biggest installation to yet, the 162MW Wagyu solar project in Brazoria County, Texas.

The business concluded a US$200 million loan transaction for the holding company that controls its portfolio of operational solar energy projects in November.

The arrangement comes only weeks after EQT made a takeover offer for Solarpack, agreeing to purchase 51 percent of the Spanish solar developer's shares.