RES has constructed the solar project, which is owned by Cubico Sustainable Investments

cypress creek

The Wagyu project has a 12 year physical hedge with BP. (Credit: CYPRESS CREEK RENEWABLES, LLC)

Cypress Creek Renewables has announced the start of commercial operations at the 162MW Wagyu solar PV project in the US.

Owned by Cubico Sustainable Investments, the solar project is located near Houston, Texas.

RES (Renewable Energy Systems) has constructed the Wagyu solar project, which was originally developed by Cypress Creek.

Cypress Creek will also provide operations and maintenance and asset management services for the solar project.

Cypress Creek CEO Sarah Slusser said: “Wagyu is Cypress Creek’s largest project to date and our twenty first project in Texas to reach commercial operation, highlighting our team’s deep experience developing, building and financing projects in Texas.

“The sophistication and complexity of the deal structure provided an excellent opportunity for our finance team to flex their creativity.

“The entire Cypress Creek team is thrilled to work alongside Cubico in creating valuable projects that benefit communities, bringing jobs, clean energy, and a tax base for the future.”

Wagyu project has 15-year PPA with Starbucks

The Wagyu solar project has a 15 year corporate power purchase agreement (PPA) from Starbucks and a 12 year physical hedge with BP.

For tax equity and the debt financing for the project, Cypress Creek has partnered with Cubico.

U.S. Bank provided the tax equity financing, while HSBC, NORD/LB, and Rabobank offered the project finance debt.

In August, Helios Infrastructure had completed the acquisition of a 148MW portfolio of projects developed by Cypress Creek.

Helios Infrastructure is a joint venture company between financial services company Nationwide and Sol Systems.

The portfolio acquired by the joint venture firm consisted of 20 utility-scale solar projects total worth more than $200m.