Cypress Creek secures $3.5 billion for US solar and battery project

DURHAM, June 12, 2026 – Cypress Creek Energy has secured USD 3.5 billion in financing and reached financial close on the first two phases of the Steel River Energy Center in Arkansas, one of the largest solar and battery storage developments in the US, Cypress Creek said on Thursday.

The financing will support construction and long-term operation of the project’s initial buildout, which will add 1.63 GW of solar generation capacity and 1.9 GWh of battery storage to the regional grid. Upon the completion of its three planned development stages in 2029, the Steel River Energy Center is expected to provide 2.45 GW of solar and 2.9 GWh of battery storage.

Barclays, BNP Paribas, Santander and Wells Fargo served as co-ordinating lead arrangers and joint bookrunners in the transaction, with Barclays and Santander also providing M&A advisory services. Cypress Creek said that, in parallel, it also closed tax equity financing with a major tax equity investor.

“This financing reflects both the scale of the project and the strong support we’re seeing from the capital markets for high-quality energy infrastructure projects backed by experienced sponsors,” said Kevin Smith, CEO of Cypress Creek Energy.

Long-term power sales for the first two phases have been secured through a virtual power purchase agreement with an unnamed corporate counterparty.

Cypress Creek Energy develops, finances, owns and operates utility-scale solar power plants and battery storage assets in the US. The company is owned by global private equity investor EQT Infrastructure.

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