Stockholm, Sweden-based investment company EQT is acquiring U.S. solar developer Cypress Creek Renewables.
Cypress Creek develops, owns, and operates solar and energy storage projects throughout the United States and employs about 300 people.
The company operates across 25 states, with 1.6 GW in operating assets and has commercialized 11 GW since its inception in 2014. Cypress Creek works across utility-scale and distributed solar and storage markets, with a pipeline of future development and O&M services opportunities.
“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,” said Sarah Slusser, CEO of Cypress Creek. “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 plans to invest in Cypress Creek’s operational, organizational, digital and sustainability initiatives. EQT will use its global experience of partnering with renewable energy and sustainability-driven businesses 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. Its platform is optimally situated to benefit from tailwinds of increasing and durable demand for clean and responsible energy,” said Alex Darden, Partner within EQT Infrastructure’s Advisory Team. “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.”