Cypress Creek Renewables Expands Solar Capacity
Cypress Creek Renewables, a leader in solar energy and storage project development, has recently achieved a significant milestone with the financial closure of its Sundance Solar and Energy Storage project. This hybrid solar initiative, located in Colorado, boasts a remarkable 75MWac solar capacity along with an impressive 50MW / 200MWh battery storage system.
The Sundance project signifies a monumental step toward the state’s clean energy objectives, as it aims to provide ample energy to the CORE Electric Cooperative network, which translates to powering approximately 25,000 homes. This development not only supports environmental goals but also reinforces community resilience and energy independence.
Leadership Commitment to Clean Energy
Sarah Slusser, the CEO of Cypress Creek Renewables, expressed her enthusiasm regarding this achievement. "This milestone reflects our unwavering commitment to advancing clean energy solutions in Colorado. We are dedicated to investing in projects that create jobs, spur local economies, and provide affordable energy to communities. Our collaboration with local leaders will ensure that our initiatives align with the state's economic growth and energy needs," stated Slusser.
Community Impact and Economic Development
The Sundance project is expected to generate substantial economic benefits. Construction work commenced recently, with McCarthy Building Companies leading the contracting efforts. The project is forecasted to create around 250 construction jobs and generate more than $9.5 million in property tax revenue over its anticipated operational span of 40 years. Furthermore, Cypress Creek has initiated a community working group in Elbert County designed to oversee a direct community investment of $300,000, ensuring genuine benefits for the local area.
Financial Backing and Sustainable Innovations
The financial framework underpinning this venture includes substantial investments from MUFG Bank Ltd., which served as the coordinating arranger for approximately $190 million in construction financing. Other financial institutions involved include BNP Paribas, DNB Bank ASA, and Santander, while Fifth Third Bank acts as the tax equity investor.
Takaki Sakai, Managing Director at MUFG Bank, emphasized the importance of supporting sustainable energy projects. "This partnership extends our commitment to financing impactful clean energy initiatives. We are pleased to assist Cypress Creek with this innovative solar and storage project, reflecting our dedication to sustainable infrastructure and a resilient energy future. We are eager to continue nurturing this valuable relationship," noted Sakai.
Future Prospects for the Sundance Project
The projected timeline for the Sundance Solar and Energy Storage project anticipates operational readiness by late 2026. Once fully commissioned, it will contribute to Colorado’s clean energy landscape, ensuring residents enjoy reliable, sustainable energy for years to come.
About Cypress Creek Renewables
Cypress Creek Renewables stands at the forefront of renewable energy development. The company is recognized for its expertise in developing, financing, owning, and operating solar and energy storage projects throughout the United States. Having successfully commercialized over 12GW of projects since its inception, Cypress Creek maintains an expansive portfolio consisting of more than 3GW of projects that are either operating or under construction. Additionally, their O&M branch, Cypress Creek Solutions, manages over 4GW of solar projects across 24 states.
Partnerships for a Sustainable Future
The collaboration between Cypress Creek Renewables and CORE Electric Cooperative further strengthens the commitment to community-focused energy solutions. CORE Electric Cooperative, which provides service to over 180,000 members, is dedicated to delivering reliable electric service while promoting sustainable practices within the region.
Frequently Asked Questions
What is the Sundance Solar project?
The Sundance Solar project is a hybrid solar energy and storage initiative in Colorado, designed to produce 75MWac of solar power along with a 50MW / 200MWh energy storage system.
How many homes will the project power?
Once operational, the Sundance Solar and Energy Storage project will have the capacity to power about 25,000 homes in Colorado.
What economic impact is expected from the project?
The project is anticipated to create about 250 construction jobs and generate over $9.5 million in property tax revenue during its operational life.
Who is involved in financing the project?
MUFG Bank Ltd. serves as the lead arranger for the project financing, alongside other financial partners like BNP Paribas, DNB Bank ASA, and Santander.
When is the expected commercial operation date?
The Sundance Solar project is expected to reach commercial operation by late 2026.
