The EQT Infrastructure V fund has agreed to acquire Cypress Creek Renewables from certain funds managed by HPS Investment Partners and Temasek.
Established in 2014, Cypress Creek is a solar and storage energy company that develops, owns and operates projects across the US.
The company offers a full suite of services across utility-scale and distributed solar and storage. It currently operates across 25 states, with 1.6GW in operating assets.
Cypress Creek CEO Sarah Slusser said: “Cypress Creek Renewables is thrilled to have EQT backing our talented team and multi-year growth plan, centred on our mission of powering a sustainable future, one project at a time.
“With EQT, we will accelerate our sustainable growth in developing the highest-value solar and storage energy projects, providing best-in-class operations and maintenance (O&M) services for ourselves and our customers, and expanding our fleet of operating assets.”
The deal will be EQT Infrastructure’s first renewable energy platform acquisition in the US. It is in keeping with the company’s thematic approach to investing in ‘sustainable, values-focused’ businesses.
The deal is expected to be completed in the second half of this year subject to customary conditions and approvals.
Upon completion, Cypress Creek will have access to EQT’s global adviser network and in-house digitalisation and sustainability expertise.
EQT Infrastructures advisory team partner Alex Darden said: “EQT is excited to invest in and partner with CEO Sarah Slusser and the entire Cypress Creek team as the company pursues its next phase of growth and strategic vision.
“As a responsible investor, we are committed to working with Cypress Creek on transforming and supporting North America’s green energy future.”
For the deal, Barclays served as financial adviser to EQT Infrastructure while Simpson Thacher and Bartlett served as legal counsel.
Morgan Stanley and Co served as Cypress Creek’s exclusive financial adviser while Kirkland and Ellis served as its legal counsel.