Renewables developer Cypress Creek Renewables has begun construction of its 104MW Ostrea solar project in Yakima County, Washington, US, after securing approximately $150m in construction financing.
MUFG Bank acted as the coordinating lead arranger for the financing, supported by BNP Paribas, DNB Bank ASA and Santander.
Additionally, US Bank has committed to be the tax equity investor for the Ostrea solar project.
The solar facility will generate sufficient electricity to power between 15,000 and 16,000 average homes in Washington annually, contributing to the region’s clean energy initiatives. It is on track to achieve commercial operation by mid-2026.
Cypress Creek Renewables CEO Sarah Slusser said: “We are thrilled to have secured financing for Ostrea, our first project to reach this milestone in Washington State.
“Thanks to our strong partnerships, we are 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.”
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By GlobalDataPCL Construction’s solar division, PCL Solar, is the engineering, procurement and construction contractor for the project.
The project is expected to create around 250 construction jobs and generate an estimated $15m in tax revenue for Yakima County over its lifetime.
MUFG Bank managing director Takaki Sakai said: “This transaction reinforces MUFG’s commitment to financing high-quality renewable energy assets that deliver long-term value.
“Cypress Creek Renewables has demonstrated strong execution capabilities and a robust pipeline, and we are pleased to support their continued growth with a tailored financing solution that aligns with our strategic focus on sustainable infrastructure and energy transition investments.”
