Cypress Creek Recapitalizes as Investors HPS, Temasek move to own 100% of Equity
DURHAM, N.C. – August 31, 2020 – Today, Cypress Creek Renewables announced that its institutional investors, HPS Investment Partners (HPS) and Temasek, have agreed to exchange a substantial portion of their investments in the company for common equity. Following the closing of the transaction, HPS and Temasek will own 100% of the common equity in Cypress Creek. The transaction is the result of a thoughtful process to optimize the company’s capital structure and best position it to execute on the long-term growth strategy that was put into place last summer by Cypress Creek’s new leadership.
Cypress Creek and its investors have had detailed discussions about the company’s long-term operating plan, which advances its mission to become the nation’s leading solar independent power producer (IPP). Specifically, all parties are aligned in continuing to grow Cypress Creek’s operating portfolio through the build-out of the company’s development pipeline, comprising 6 gigawatts of high-quality projects. This recapitalization positions Cypress Creek to continue to invest in and grow its key businesses, including its operating portfolio, development pipeline, and industry-leading O&M and asset management divisions.
“With HPS and Temasek’s continued support, we are building Cypress Creek into the top U.S. solar IPP. This recapitalization of HPS and Temasek’s original investment in the company significantly reduces our corporate debt and right-sizes our balance sheet, creating a sustainable capital structure that will enable our success for years to come,” said Sarah Slusser, CEO of Cypress Creek.
The transaction is anticipated to close by year-end 2020 following receipt of required approvals. Aside from the aforementioned changes to the equity ownership of Cypress Creek, no other changes to Cypress Creek’s corporate structure are planned at this time.
ABOUT CYPRESS CREEK RENEWABLES Cypress Creek Renewables is powering a sustainable future, one project at a time. We develop, finance, own and operate utility-scale and distributed facilities across the country. With more than 9.8GW of solar developed and more than 3.2GW under management, Cypress Creek is one of the country’s leading solar and storage companies. For more information about Cypress Creek, please visit cypresscreekenergy.com.
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.