Nationwide and Sol Systems venture, Helios Infrastructure, purchases 47 MW Texas portfolio amid 2020 challenges
Today, Nationwide and Sol Systems announced their joint venture, Helios Infrastructure (Helios), completed the purchase of four operating Texas solar projects totaling 47 megawatts (MW) from Cypress Creek Renewables. A few weeks ago, Nationwide, Sol Systems and Cypress Creek announced the final portfolio sale in a 148 MW master purchase agreement of 20 North Carolina solar projects.
“The positive impacts these solar farms will have on the environment are the driving force behind our continued partnership,” said Nationwide Solar Equity Portfolio Manager Clark Lloyd. “Nationwide and Sol Systems, with the help of Cypress Creek, hope to strengthen the renewable energy capabilities available in Texas, as we work together to create a sustainable and clean environment.”
The Texas portfolio is comprised of four projects ranging in size from 7 MW to 14 MW, located across Webb, Menard, Brooks, and McClennan counties. Three of the projects have a power purchase agreement with NRG Power Marketing and one project has a power purchase agreement with the Lower Colorado River Authority. The projects were placed into service in 2019.
“Of course, 2020 market conditions presented new challenges,” said Jessica Robbins, Senior Director, Structured Finance at Sol Systems. “We were able to field those handily, and complete this valuable acquisition thanks to proven, long-term partnerships with Nationwide and Cypress Creek among others,” she added.
Cypress Creek O&M Services will provide operations and maintenance for the projects. Crestmark, a division of MetaBank, provided construction financing, while West Town Bank & Trust provided permanent loan financing and U.S. Bancorp Community Development Corporation, the tax equity and community investment subsidiary of U.S. Bank, provided tax equity financing.
“Cypress Creek was excited to partner with Nationwide and Sol Systems to complete with transaction,” said Cassidy DeLine, Vice President of Project Finance, Cypress Creek Renewables. “Cypress Creek developed these projects, originated most of the land, all the power purchase agreements, and closed the construction loans, permanent loans, and tax equity investments. We will continue to be involved in these projects and the communities through the long-term O&M contract.”
Project Details
• Mars, Webb County, 14 MW
• Lampwick, Menard County, 11 MW
• Alexis, Brooks County, 14 MW
• Griffin, McLennan County, 7 MW
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.