Cypress Creek secures $3.5B for Arkansas solar‑storage
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- Cypress Creek Energy closed a $3.5 billion financing package for phases 1 and 2 of the Steel River Energy Center in Arkansas.
- Phases 1 and 2 will add 1.63 GW of solar capacity and 1.9 GWh of battery storage to the regional grid.
- Steel River Energy Center is slated to reach 2.45 GW of solar and 2.9 GWh of storage by 2029 when all three phases are complete.
- The project will use 100 % US‑made structural steel, with most sourced from Mississippi County, Arkansas, and solar panels from First Solar.
- The financing was underwritten by four lead arrangers—Barclays, BNP Paribas, Santander, and Wells Fargo—and includes tax‑equity financing and a virtual power purchase agreement with an investment‑grade corporate buyer.
- The development is expected to create around 700 construction jobs on site.
- CEO Kevin Smith said the deal shows strong capital‑market support for high‑quality energy infrastructure and will help meet rapidly growing electricity demand.
Why it matters: The financing instantly brings 1.63 GW of solar and 1.9 GWh of storage online, creates about 700 construction jobs, and locks in long‑term power sales, directly expanding Arkansas’s renewable capacity and supporting domestic manufacturing of steel and panels and delivering economic benefits to local communities.
