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July 26, 2022

Cypress Creek acquires 400MW energy storage portfolio in Texas

The company has acquired four standalone energy storage projects, each with a 100MW capacity.

US-based solar energy company Cypress Creek Renewables has acquired 400MW/600MWh worth of standalone energy storage projects in Texas from Black Mountain Energy Storage (BMES).

The company acquired four standalone energy storage projects, each with 100MW of capacity, located across the Electric Reliability Council of Texas (ERCOT).

All the energy storage projects are currently in their development phases and are expected to come online in 2024.

The financial details of the deal have not been disclosed.

Cypress Creek mergers and acquisitions (M&A) director Jack Murray said: “ERCOT is an incredibly dynamic power market, and standalone storage assets will continue to provide opportunities to increase grid reliability through flexible and dispatchable resources.

“Black Mountain has been an exceptional partner to work with and we are excited to throw our development, EPC and financing expertise behind these assets to move them across the finish line, affirming our commitment to developing resilient renewable energy resources throughout Texas.” 

Cypress Creek said that it will continue the project development, entitlement, engineering, procurement, financing and construction of the energy storage portfolio.

The company has developed 5GW of solar and storage capacity in the ERCOT region to date.

BMES CEO Rhett Bennett said: “It was a pleasure working with the Cypress Creek team, and we are pleased to have assisted them on their journey to be one of the most significant renewables developers in the US.

“Cypress not only understands the power market but also the critical importance of energy storage. They are committed to renewable energy, and we are excited about the potential of these projects and the immense positive impact they will bring to the grid.” 

The deal was facilitated through LevelTen Energy Asset Marketplace.

Last July, the EQT Infrastructure V fund agreed to purchase Cypress Creek from certain funds managed by HPS Investment Partners and Temasek.

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