EQT AB, a Swedish private-equity company’s EQT Infrastructure V fund has agreed to purchase Cypress Creek Renewables from funds controlled by HPS Investment Partners, LLC and Temasek. The acquisition is scheduled to conclude in the second half of 2021, subject to normal conditions and approvals.
Cypress Creek builds, funds, manages and owns solar energy and storage plants in the United States. The firm has built 11 GW of solar power and has about 3.7 GW under operations and maintenance management. The company operates in 25 states, owns 1.6 GW in renewable assets, and has a proven track record of commercialising 11 GW of clean energy projects since its founding in 2014.
EQT Infrastructure is committed to building on Cypress Creek’s success by investing in operational, organisational, digital, and environmental initiatives that will allow the company to continue developing and distinguishing itself. Cypress Creek is an important player in the renewable energy development and infrastructure sector in North America. Its platform is well-positioned to capitalise on the tailwinds of rising and long-term demand for clean and responsible energy.
In conjunction with the transaction, Barclays served as financial adviser to EQT Infrastructure, while Simpson Thacher & Bartlett LLP provided legal counsel. Further, Morgan Stanley & Co. LLC served as Cypress Creek’s exclusive financial adviser, while Kirkland & Ellis LLP served as legal counsel. Based on its target fund size and subject to normal regulatory clearances, EQT Infrastructure V is projected to be 35-40 percent invested with this transaction.