Cypress Creek Secures $200m Preferred Equity Investment
Cypress Creek Renewables, a leading developer and owner of solar generating assets, today announced that a group led by Temasek, a global investment company headquartered in Singapore, has agreed to purchase preferred equity interests in Cypress.
The $200 million investment represents the purchase by the group of preferred stock and warrants to purchase up to an aggregate 10 percent stake of the common stock. Proceeds will support the Company’s continued growth through creation, investment, maturation and monetization of its development portfolio. Cypress will continue to operate under its existing management and add two independent directors to its Board.
“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” said Cypress CEO Matt McGovern. “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.”
Founded in 2014 by Ben Van de Bunt (Chairman), Michael Cohen (President), and Matt McGovern (CEO), Cypress has grown into a leading developer, investor and operator of solar generating assets in regulated and deregulated markets. By the end of 2018 the Company will have developed and placed-in-service over 3.2 GW of projects and own 1.7 GW on-balance sheet.
About Temasek:
Incorporated in 1974, Temasek is a global investment company headquartered in Singapore.
Supported by its network of international offices, Temasek owns a US$235b portfolio as at 31 March 2018, with significant exposure to Singapore and the rest of Asia. Our investment activities are guided by four investment themes and the long-term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Our investment strategy allows us to capture opportunities across the sectors in which we invest that help bring about a better, smarter and more connected world. We actively seek sustainable solutions to address present and future challenges. Across the three pillars of the Temasek Charter, we recognize the need to do well as an investor; to do right as an institution; and to do good as a steward. For more information on Temasek, please visit www.temasek.com.sg.
About Cypress Creek Energy
Cypress Creek Energy is a U.S. independent power producer and developer of energy infrastructure designed to meet the nation’s rapidly growing demand for reliable, cost-effective, and sustainable electricity. Built on more than a decade of experience developing, financing, owning, and operating energy assets, the company delivers integrated solar, storage, and firm capacity solutions that serve utilities, communities, and large-load customers.
Cypress Creek believes energy infrastructure should create lasting value beyond generating affordable, sustainable electricity. Through responsible development, long-term ownership, and meaningful community partnerships, the company is committed to strengthening the places where it lives, works, and builds. Since inception, Cypress Creek has commercialized 19 GW of projects and today has more than 6.8 GW of assets operating or under construction, along with a 19 GW development pipeline. Through Cypress Creek Solutions, its in-house operations and maintenance platform, their experienced team manages more than 8.6 GW of energy assets for both Cypress Creek and third-party owners across 24 states.