Cypress Creek Renewables has secured $200m in equity investment from Temasek, a Singapore-based investment company.
The investment in Cypress Creek represents the purchase of preferred stock and warrants to purchase up to 10% stake in common stock.
Cypress Creek Renewables will utilize the proceeds to support the company’s growth through creation, investment, maturation and monetization of its development portfolio.
Established in 2014, Cypress Creek Renewables has been developing, investing and operating solar generating assets in regulated and deregulated markets. By the end of this year, the company is expected to have developed and placed in service more than 3.2GW of projects.
Cypress CEO Matt McGovern said: “Temasek has shown itself to be a patient, forward-looking partner focused on generating sustainable long-term returns – and it is this shared vision that makes expansion of our relationship quite natural.
“The confidence Temasek has shown in our business model and development portfolio is a firm endorsement of our strategy, which we look forward to refining and executing on in tandem in the years to come.”
In April, Cypress Creek Renewables opened a solar control center in its Research Triangle Park, North Carolina office. Out of the Cypress Creek Control Center (C4), the company operates 232 utility, distribution and rooftop-scale solar facilities, totaling nearly 2GW capacity, in 14 states in the US.
In January, the American solar developer announced that its construction arm of the company, Cypress Creek EPC, reached a major construction milestone of 1 gigawatt of solar built over the past 18 months.
In 2017 alone, the company built 800MW of solar infrastructure in North Carolina, South Carolina, Oregon, Texas, Maryland, Massachusetts, Minnesota, New York, and Vermont.
Cypress Creek Renewables’ 1GW solar energy is claimed to have helped in creating more than 9,000 local jobs during construction.