Cypress Creek Renewables Secures $200m Preferred Equity Investment
Cypress Creek Renewables announced that a group led by Temasek, a global investment company headquartered in Singapore, has agreed to purchase preferred equity interests in Cypress.
The $200 million investment represents the purchase by the group of preferred stock and warrants to purchase up to an aggregate 10 percent stake of the common stock. Proceeds will support the Company’s continued growth through creation, investment, maturation and monetization of its development portfolio. Cypress will continue to operate under its existing management and add two independent directors to its Board.
“Temasek has shown itself to be a patient, forward-looking partner focused on generating sustainable long-term returns – and it is this shared vision that makes expansion of our relationship quite natural,” said Cypress CEO Matt McGovern. “The confidence Temasek has shown in our business model and development portfolio is a firm endorsement of our strategy, which we look forward to refining and executing on in tandem in the years to come.”
“Our strategy focuses on creating markets, originating projects and allocating capital to the most attractive risk-adjusted opportunities, with success being driven by our ability to navigate development, structural and financial complexities as well as assessing and pricing risk,” commented Brad Bauer, Cypress’ Chief Capital Markets Officer.
Founded in 2014 by Ben Van de Bunt (Chairman), Michael Cohen (President), and Matt McGovern (CEO), Cypress has grown into a leading developer, investor and operator of solar generating assets in regulated and deregulated markets. By the end of 2018 the Company will have developed and placed-in-service over 3.2 GW of projects and own 1.7 GW on-balance sheet.