Cypress Creek Renewables, a solar and energy storage company, is currently constructing a 270-MW solar project located in Dimmit County, Texas.
The company closed financing on the Shakes solar project and expects to reach commercial operation during the second half of 2022. Cypress Creek will be the long-term owner and operator of the project.
“At 270 MW, Shakes is a cornerstone project for Cypress Creek Renewables and demonstrates our commitment to executing on major projects in support of the energy transition,” said Sarah Slusser, CEO of Cypress Creek. “We’re thrilled to join forces again with Morgan Stanley, Nord/LB and Rabobank, and new partners for us, Axpo US, Helaba and National Bank of Canada, to complete financing on a project that will generate enough power for nearly 40,000 homes annually. As the long-term owner and operator of Shakes, we also look forward to continuing to build our relationships throughout the community.”
The energy and renewable energy credits generated by the project have been sold to Axpo US, an affiliate of Axpo Solutions, an international developer of tailor-made energy solutions for its customers.
Cypress Creek has developed 1,380 MW of solar in the Texas market. The Shakes project is expected to create 320 to 450 construction jobs and generate $35 million in new property tax revenue over the life of the project for local schools and communities.