A group led by global investment company Temasek has agreed to purchase preferred equity interests in Cypress Creek Renewables with an investment of $200m.

Through this investment, the group will be acquiring an aggregate 10% stake of the common stock in Cypress.

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Headquartered in Singapore, Temasek owns a $235bn portfolio as of 31 March this year, with significant exposure to Singapore and the rest of Asia.

“More than 3.2GW of projects will be developed and placed-in-service by Cypress by the end of this year.”

Cypress CEO Matt McGovern said: “Temasek has shown itself to be a patient, forward-looking partner focused on generating sustainable long-term returns – and it is this shared vision that makes expansion of our relationship quite natural.

“The confidence Temasek has shown in our business model and development portfolio is a firm endorsement of our strategy, which we look forward to refining and executing on in tandem in the years to come.”

The proceeds will be used by the company to support its continued growth through creation, investment, maturation and monetisation of its development portfolio.

Cypress’ existing management will continue to operate the company after the purchase, and two independent directors will be added to its board.

Established in 2014, Cypress operates solar generating assets in regulated and deregulated markets.

More than 3.2GW of projects will be developed and placed-in-service by Cypress by the end of this year, with the company owning 1.7GW on-balance sheet.