Cypress Creek Renewables, a leading developer, owner, and operator of solar and energy storage projects, announced today (May 5) the financial close and construction start of its 104MW Ostrea Solar project in Yakima County, Washington.
Once completed, Ostrea Solar will generate enough electricity to power between 15,000 and 16,000 average Washington homes annually, contributing to the region's clean energy goals and supporting the broader transition to renewable power.
"We're thrilled to have secured financing for Ostrea, our first project to reach this milestone in Washington State," said Sarah Slusser, CEO of Cypress Creek Renewables. "Thanks to our strong partnerships, we're 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."
Construction began in February of this year with PCL Construction's Solar Division (PCL Solar) serving as the EPC contractor. The project is expected to create approximately 250 construction jobs and deliver an estimated $15 million in tax revenue to Yakima County over its operational lifetime.
MUFG Bank acted as coordinating lead arranger for the construction financing of about $150 million alongside BNP Paribas, DNB Bank ASA and Santander. U.S. Bank is serving as the project's tax equity investor.
"This transaction reinforces MUFG's commitment to financing high-quality renewable energy assets that deliver long-term value," said Takaki Sakai, Managing Director at MUFG Bank. "Cypress Creek Renewables has demonstrated strong execution capabilities and a robust pipeline, and we're pleased to support their continued growth with a tailored financing solution that aligns with our strategic focus on sustainable infrastructure and energy transition investments."
Ostrea Solar is expected to reach commercial operation by mid-2026.
About Cypress Creek Renewables
Cypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has commercialized 12GW of solar projects. Today it owns more than 2GW of solar and has a 20GW solar and storage pipeline. Cypress Creek's leading O&M services business, Cypress Creek Solutions, operates and maintains 5GW of solar projects for customers across 24 states.
