Cypress Creek Secures $3.5 Billion for One of the largest US Solar, Storage Projects
Cypress Creek Energy, a power producer in the United States, announced on Thursday that it had secured $3.5 billion for what it described as one of the biggest?solar- and battery storage?developments?in?the United States.
According to Cypress, the financing will be used to support the first and second phases of Arkansas Steel River Energy Center. This includes adding 1,63 gigawatts (GW) of solar power, as well as 1.9 Gigawatt-hours (GBH) of battery storage, into?the regional power grid. Long-term power sales are secured by a "virtual power purchasing agreement".
The U.S. electric demand is expected to reach record levels in 2025 as data centers continue to grow and tech companies ramp up power consumption. This will increase the demand for battery storage, solar energy, and other renewable sources.
Google, Meta and others have announced this year deals to purchase tens and thousands of megawatt hours of battery storage as well as solar power and other clean energy,?for AI workloads in data centers.
According to a report from Benchmark Mineral Intelligence and the Solar Energy Industries Association, energy storage capacity increased by 32% over a year.
Cypress stated that the financing was underwritten by Barclays BNP Paribas Santander Wells Fargo, along with tax equity from a major undisclosed investor.
The company anticipates that the project will be completed in three phases, by 2029. This would result in 2.45 GW solar power and 2.9 GWh storage. Varun Sahay, Bengaluru. Vijay Kishore, editing.
(source: Reuters)
