Written by: Leonard Parker | Solar News | 09th July
The EQT Infrastructure V fund has agreed to acquire Cypress Creek Renewables from certain funds managed by HPS Investment Partners and Temasek. EQT Infrastructure will support Cypress Creek’s continued growth and strategic vision through development pipeline execution, fleet optimization and expansion, and scaling of the operations & maintenance services business. This acquisition marks EQT Infrastructure’s first of a renewable energy platform in the US. The transaction is subject to customary conditions and approvals and is expected to close in the second half of 2021.
Operating across 25 states with approximately 300 employees, Cyprus Creek has 1.6GW in operating assets and a proven track record, having commercialized 11GW since inception in 2014. Cypress Creek is deeply rooted in the U.S. renewable energy market, offering a full suite of services across utility-scale and distributed solar and storage, with an expansive pipeline of future development and O&M services opportunities.
EQT Infrastructure says it is committed to building upon the success of Cypress Creek by making investments in operational, organizational, digital and sustainability initiatives. EQT has extensive global experience partnering with renewable energy and sustainability driven businesses, and a network of global EQT advisors, to support Cypress Creek in its next phase of growth.
“Cypress Creek plays a critical role in North America’s renewable energy development and infrastructure market,” said Alex Darden, Partner within EQT Infrastructure’s Advisory Team. “Its platform is optimally situated to benefit from tailwinds of increasing and durable demand for clean and responsible energy. EQT is excited to invest in and partner with CEO Sarah Slusser and the entire Cypress Creek team as the Company pursues its next phase of growth and strategic vision. This investment aligns directly with our thematic approach of investing in sustainable businesses that have a positive impact on society. As a responsible investor, we are committed to working with Cypress Creek on transforming and supporting North America’s green energy future.”
“Cypress Creek Renewables is thrilled to have EQT backing our talented team and multi-year growth plan, centered on our mission of powering a sustainable future, one project at a time. With EQT, we will accelerate our sustainable growth in developing the highest-value solar and storage energy projects, providing best-in-class O&M services for ourselves and our customers, and expanding our fleet of operating assets.” added Sarah Slusser, CEO of Cypress Creek.Tags: Cypress Creek Renewables, EQT Infrastructure, HPS Investment Partners, mergers and acquisitions, Temasek