– The EQT infrastructure will support Cypress Creek continuous growth and strategic vision – through execution of the development pipeline, optimization and expansion of the fleet and scaling of the O&M services business
– The acquisition of Cypress Creek marks EQT Infrastructure’s first acquisition of a renewable energy platform in the United States and aligns directly with EQT’s thematic approach to investing in sustainable, value-driven businesses
– Cypress Creek will benefit from EQT’s global network of advisors and internal expertise in digitization and sustainability
STOCKHOLM, July 4, 2021 / PRNewswire / – EQT is pleased to announce that EQT Infrastructure V (“EQT Infrastructure”) has agreed to acquire Cypress Creek Renewables (“Cypress Creek“or the” Company “), a leading vertically integrated renewable energy platform, from certain funds managed by HPS Investment Partners, LLC (” HPS “) and Temasek.
One of the leading solar energy and storage companies, Cypress Creek develops, owns and operates projects across the United States. With around 300 employees, the company’s integrated platform forms the basis for continuous innovation, ensuring the company’s leadership position in the energy transition.
The Company operates in 25 states, with 1.6 GW of operating assets and a proven track record, having marketed 11 GW since its inception in 2014. Cypress Creek is deeply rooted in the US renewable energy market, offering a full range of large-scale and distributed solar and storage services, with an extensive pipeline of future development opportunities and O&M services.
Cypress Creek, with its forward-thinking management team, is well positioned to take advantage of the growing renewable energy market and continued investment in the United States, supported by the expansion of federal and state policies, optimization of technology costs and corporate sustainability goals.
EQT Infrastructure is committed to building on the success of Cypress Creek by investing in operational, organizational, digital and sustainable development initiatives to help the company continue to expand and differentiate. EQT will leverage its extensive global experience in partnering with companies focused on renewable energy and sustainability, and its network of global EQT advisors, to support Cypress Creek in its next phase of growth, as the Company continues to achieve its goal of becoming the most successful sustainable energy company in the market.
Alex darden, partner in the EQT Infrastructure advisory team, said: “Cypress Creek plays an essential role in North America development of renewable energies and the infrastructure market. Its platform is ideally located to benefit from the favorable winds of a growing and sustainable demand for clean and responsible energy. EQT is delighted to invest and partner with the CEO Sarah slusser and the whole Cypress Creek team as the Company pursues its next phase of growth and strategic vision. This investment aligns directly with our thematic approach to investing in sustainable businesses that have a positive impact on society. As a responsible investor, we are committed to working with Cypress Creek on processing and support North America the future of green energy. “
Sarah slusser, CEO of Cypress Creek, commented, “Cypress Creek Renewables is delighted that EQT is supporting our talented team and our multi-year growth plan, focused on our mission to fuel a sustainable future, one project at a time. With EQT, we will accelerate our sustainable growth in developing the highest value solar energy and storage projects, providing the best operation and maintenance services for ourselves and our customers, and expanding our fleet. operating assets. ”
The transaction is subject to customary conditions and approvals and is expected to close in the second half of 2021.
Barclays acted as financial advisor to EQT Infrastructure in connection with the transaction and Simpson Thacher & Bartlett LLP acted as legal advisor. Morgan Stanley & Co. LLC acted as exclusive financial advisor to Cypress Creek in connection with the transaction and Kirkland & Ellis LLP acted as legal advisor.
With this transaction, EQT Infrastructure V is expected to be 35-40% invested (including closed and / or signed investments, announced public offerings, if any, and minus any planned syndication) depending on the size of its target fund. and subject to customary regulations. approvals.
Daniel Yunger, [email protected], +1 917 574 8582
EQT is a goal-oriented global investment organization with more than 67 billion euros in assets under management in 26 active funds. EQT funds have portfolio companies in Europe, Asia Pacific and the Americas with total sales of around 29 billion euros and over 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More information: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, Youtube and Instagram
About Cypress Creek Renewable Energy
Cypress Creek Renewables is powering a sustainable future, one project at a time. We develop, finance, operate and own large-scale solar energy and storage facilities distributed across the United States. With 11 GW of solar developed and more than 3.7 GW in operation and maintenance management, Cypress Creek is a leading solar energy and storage company.
More information: ccrenew.com
About HPS Investment Partners
HPS Investment Partners is a leading global investment firm with more than $ 72 billion of assets under management July 2021. HPS seeks to provide creative capital solutions and generate attractive risk-adjusted returns for clients. HPS manages a variety of strategies across the capital structure, including syndicated leveraged loans and high yield bonds, privately traded senior and mezzanine debt instruments, asset-backed leasing and capital investment.
More information: www.hpspartners.com
Temasek is an investment company with a net portfolio value of S $ 306 billion (US $ 214 billion) from the March 2020. Its three roles as investor, institution and manager, as defined in the Temasek Charter, shape Temasek’s ethics to do well, do well and do good. Temasek actively seeks sustainable solutions to meet present and future challenges, through investments and other opportunities that help create a better, smarter and more sustainable world.
More information: www.temasek.com.sg
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
SOURCE Cision AB