QIC and Cypress Creek Renewables (CCR), one of the largest solar owners and developers in the United States, have closed a $450 million debt facility to fund the growth of CCR's solar and storage project pipeline.
QIC acted as a joint lead arranger alongside lenders such as CPPIB and CarVal. The facility is structured at a holding company level and will be used to refinance existing debt and fund development and construction of CCR's development pipeline. The facility also includes a $250 million accordion option. This marks the firm’s first investment by its newly formed infrastructure debt platform.
“We are thrilled to tap into more efficient capital to fuel our ambitious growth plans to make the planet more sustainable,” said Sarah Slusser, CEO of Cypress Creek. “Building high-quality solar and storage projects is our core business, and having capital partners dedicated to our mission is particularly exciting.”
CCR has developed more than 11 gigawat
