QIC AND CYPRESS CREEK RENEWABLES ANNOUNCE THE CLOSING OF A US$450 MILLION BORROWING FACILITY IN CYPRESS CREEK RENEWABLES TO FINANCE THE GROWTH OF THE COMPANY’S SOLAR AND STORAGE PIPELINE
NEW YORK, April 19, 2022 /PRNewswire/ — QIC and Cypress Creek Renewables (CCR) today announced the closing of a 450 million US dollars credit facility to fund the growth of CCR’s strong pipeline of solar and storage projects. CCR projects will help meet the growing demand for renewable resources in United States. This is QIC’s first investment through its new infrastructure debt platform.
Acting as co-lead arranger alongside leading lenders including CPPIB and CarVal, QIC has closed the facility which will provide CCR’s subsidiary with a 450 million US dollars Sustainability Tied Deferred Draw Ticket (the Facility). The facility is structured at the level of a holding company and will be used to refinance existing debt and to finance the development and construction of CCR’s growing development pipeline. The Facility also includes a $250 million accordion option.
CCR is one of the largest solar energy owners and developers in the United States, having developed more than 11 GW of solar projects since its inception. CCR owns and operates its own fleet of 1.7 GW solar assets and has an active development pipeline of 12 GW. Its Operator & Maintenance Services division is the fourth North Americaserving 4 GW of solar projects across the country.
“We are excited to tap into more efficient capital to fuel our ambitious growth plans aimed at making the planet more sustainable,” said Sarah Sluser, CEO of Cypress Creek. “Building high-quality solar and storage projects is our core business and having financial partners dedicated to our mission is particularly exciting. We look forward to accelerating our growth.”
“Solar will almost certainly be one of the biggest slices of the pie in terms of new capacity coming online in the United States over the next few years,” said Lindsay ScullyQIC Principal – Infrastructure Debt, based at QIC New York Office. “With its track record and pipeline, we believe Cypress Creek is an undisputed leader in solar development and also has one of the most attractive operating portfolios, so we view it as an ideal partner for our capital.
“We are particularly pleased with the willingness of the company to work alongside us, the other Lead Arrangers and Crédit Agricole as a sustainable structuring agent to implement the sustainability link in the Facility.”
QIC is a specialist long-term alternative manager offering infrastructure, real estate, private equity, private debt, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia with 101 billion Australian dollars ($73 billion) in funds under management (at December 31, 2021).
QIC Infrastructure Debt is one of several private debt strategies launched by QIC in early 2021 and is led by QIC’s Head of Private Debt, Andrew Jones. QIC’s flagship infrastructure debt strategy focuses on providing complex debt capital solutions to infrastructure borrowers across the OECD. The six-person investment team, located in London and New Yorkis led by Evan Nahnsen, Global Head of QIC – Infrastructure Debt. For more information, visit: www.qic.com.
About Cypress Creek Renewables:
Cypress Creek Renewables (CCR) is a leading renewable energy IPP. CCR develops, finances, owns and operates large-scale, distributed solar and energy storage projects across United States. The mission is to power a sustainable future, one project at a time. Since its creation, CCR has developed more than 11 GW of solar projects. Today, CCR owns 1.7 GW of solar energy and, through its O&M Services business, operates 4 GW of solar projects. For more information about Cypress Creek, please visit www.ccrenew.com.
QIC Limited ACN 130 539 123 (“QIC”) is a wholesale money manager and its products and services are not directly available, and this document cannot be provided to any retail client. QIC is a public company incorporated under the Queensland Investment Corporation Act 1991 (QLD). QIC is also regulated by state government legislation relating to state-owned companies in addition to the Companies Act 2001 (Cth) (“Companies Act”). QIC does not hold an Australian Financial Services License (“AFS”) and certain provisions (including financial product disclosure provisions) of the Companies Act do not apply to QIC. Other wholly owned subsidiaries of QIC hold AFS licenses and are required to comply with the relevant provisions of the Corporations Law. QIC also has wholly owned subsidiaries authorized, registered or licensed by the UK Financial Conduct Authority (“FCA”), the US Securities and Exchange Commission (“SEC”) and the Korea Financial Services Commission. For more information about QIC, our approach, our customers and our regulatory framework, please visit our website www.qic.com or contact us directly.
For more information about QIC, our approach, our customers and our regulatory framework, please visit our website www.qic.com or contact us directly.
The statements and opinions contained in this document (the “Information”) are provided for information purposes only and do not take into account the personal, financial or tax objectives, situation or needs of any investor. The information is not intended to constitute personal legal or investment advice and does not constitute, and should not be construed as, an offer to sell or the solicitation of an offer to buy, securities or any other investment, investment management or advisory services.
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