Cypress Creek Renewables secures $150 Million in financing and begins construction on 104MW Ostrea Solar project in Washington State
May 5, 2025 – SANTA MONICA, CALIF. – Cypress Creek Renewables, a leading developer, owner, and operator of solar and energy storage projects, announced today the financial close and construction start of its 104MW Ostrea Solar project in Yakima County, Washington.
Once completed, Ostrea Solar will generate enough electricity to power between 15,000 and 16,000 average Washington homes annually, contributing to the region’s clean energy goals and supporting the broader transition to renewable power.
“We’re thrilled to have secured financing for Ostrea, our first project to reach this milestone in Washington State,” said Sarah Slusser, CEO of Cypress Creek Renewables. “Thanks to our strong partnerships, we’re fulfilling our commitment to the state and bringing the benefits of this project—and the ones in our pipeline—to the communities that will host them.”
Construction began in February of this year with PCL Construction’s Solar Division (PCL Solar) serving as the EPC contractor. The project is expected to create approximately 250 construction jobs and deliver an estimated $15 million in tax revenue to Yakima County over its operational lifetime.
MUFG Bank acted as coordinating lead arranger for the construction financing of about $150 million alongside BNP Paribas, DNB Bank ASA and Santander. U.S. Bank is serving as the project’s tax equity investor.
“This transaction reinforces MUFG’s commitment to financing high-quality renewable energy assets that deliver long-term value,” said Takaki Sakai, Managing Director at MUFG Bank. “Cypress Creek Renewables has demonstrated strong execution capabilities and a robust pipeline, and we’re pleased to support their continued growth with a tailored financing solution that aligns with our strategic focus on sustainable infrastructure and energy transition investments.”
Ostrea Solar is expected to reach commercial operation by mid-2026.
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.