The deal marks EQT Infrastructure's first acquisition of a renewable energy platform in the US
Cypress Creek’s 3MW solar project in North Carolina. (Credit: EQT.)
EQT Infrastructure has agreed to acquire Cypress Creek Renewables from certain funds managed by HPS Investment Partners (HPS) and Temasek, for an undisclosed amount.
Cypress Creek is an integrated renewable energy company that develops, owns, and operates solar and storage energy projects across the US.
Since its inception in 2014, the company has developed 11GW of solar capacity, of which more than 3.7GW under operations and maintenance management.
Currently, Cypress Creek has 1.6GW in operating assets, with a presence across 25 states in the US.
The transaction marks the EQT Infrastructure’s first acquisition of renewable energy platform in the US.
Cypress Creek CEO Sarah Slusser said: “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.”
EQT Infrastructure intends to support the growth plans of Cypress Creek by making investments in operational, organisational, digital and sustainability initiatives.
It will also to leverage its partnerships with renewable energy and sustainability driven firms, and a network of global EQT advisors, to support Cypress Creek’s next phase development.
Barclays acted as financial advisor to EQT Infrastructure on the transaction, while Simpson Thacher & Bartlett served as its legal counsel.
The transaction is expected to complete in the second half of 2021, subject to customary conditions and approvals.
EQT Infrastructure advisory team partner Alex Darden said: “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.”
In June, the Swedish fund launched a €881.2m takeover bid for Solarpack, a Spain-based developer of utility scale solar photovoltaic power plants.