• Financing supports Phases 1 and 2 of the three-phase Steel River Energy Center in Arkansas, to deliver 1.63 gigawatts of solar and 1.9 gigawatt-hours of battery storage
• Backed by leading global banks, the deal has drawn strong demand from the lending community

DURHAM, N.C., June 11, 2026 /PRNewswire/ — Cypress Creek Energy today announced financial close on Phase 1 and Phase 2 of the Steel River Energy Center, marking a major milestone for one of the largest solar and battery storage developments in the United States. The transaction secures $3.5 billion in financing to support construction and long-term operation of the project’s first two phases, which will add 1.63 gigawatts (GW) of solar and 1.9 gigawatt-hours (GWh) of battery storage to the regional grid. Upon full buildout, the three-phase project is expected to provide 2.45 GW of solar and 2.9 GWh of battery storage by 2029.

Strong Market Support

The financing process attracted significant interest from the lending community and was highly competitive, reflecting strong demand for large-scale energy infrastructure projects backed by experienced sponsors. Cypress Creek worked closely with a number of its core relationship banks on the transaction, underscoring the strength of those long-standing partnerships and continued confidence in the company’s ability to execute projects at scale.

The financing was fully underwritten by initial coordinating lead arrangers Barclays, BNP Paribas, Santander, and Wells Fargo. Concurrent with the construction financing, Cypress Creek closed tax equity financing with a major tax equity investor. Long-term power sales for Phases 1 and 2 has been secured through a virtual power purchase agreement with an investment-grade corporate counterparty. Together, these transactions provide long-term revenue certainty and strengthen the project’s financial foundation.

Kevin Smith, Chief Executive Officer, Cypress Creek Energy:
“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. We value the confidence and partnership of this exceptional group of financial institutions, many of whom we’ve worked with across prior transactions. Together, we’re advancing infrastructure that can help meet Arkansas’s and America’s rapidly growing electricity demand while delivering long-term economic benefits to local communities.”

Financing and Strategic Partners

The transaction brought together a group of leading global financial institutions and strategic partners with deep experience financing large-scale energy infrastructure projects.

• Barclays: Coordinating lead arranger, joint bookrunner, and Green Loan Agent

• BNP Paribas: Coordinating lead arranger, joint bookrunner, and Hedge coordinator

• Santander: Coordinating lead arranger, joint bookrunner, and administrative agent
• Wells Fargo: Coordinating lead arranger, joint bookrunner, Hedge coordinator and Green Loan Agent

• Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates: Legal counsel to Cypress Creek Energy

Barclays and Santander acted as M&A advisor to support the transaction.

Andrew Platt, Head of Energy Structured Finance & Advisory US, Santander Corporate & Investment Banking:
“We are proud to have led the financing for these landmark projects and to have supported Cypress Creek Energy throughout every stage, from development through construction. We value our strong relationship and congratulate Cypress Creek Energy and its partners on this significant achievement.”

Alok Garg, Head of Project & Asset Finance, Wells Fargo Corporate & Investment Banking:
“Wells Fargo is pleased to support Cypress Creek Energy as they pursue their strategy to build large scale energy infrastructure to satisfy growing electricity demand.”

About the Project

The Steel River Energy Center is one of the most significant new solar plus storage energy infrastructure projects in the nation, designed to help meet rapidly growing electricity demand with reliable, cost-effective power while strengthening grid dependability in the region. The project’s battery storage systems will allow electricity to be delivered when it’s needed most, supporting grid reliability, reducing outage risk, and helping maintain stable electricity prices.

Built on Arkansas steel, the project is prioritizing American-made materials, including 100% U.S.-made structural steel, with nearly all sourced from Mississippi County, Arkansas. By putting Arkansas steel to work at scale, the Steel River Energy Center reinforces the region’s position as a growing hub for American steel manufacturing. The project will also utilize 100% domestically manufactured solar panels from First Solar, along with other key components sourced from Arkansas-based companies.

The project is expected to generate nearly $300 million in new tax revenue over its lifetime, directly benefiting local schools while helping fund public safety, roads, and other community priorities. Steel River is also expected to create approximately 700 construction jobs on site, along with additional jobs supporting construction activity through local hotels, restaurants, suppliers, and other businesses across the region.

About Cypress Creek Energy

Cypress Creek Energy is an independent power producer and leading provider of fast, firm, reliable, and sustainable energy solutions. It develops, finances, owns, and operates utility-scale and distributed energy infrastructure – including solar, storage, and firm capacity solutions – to serve utilities, communities, and large-load customers. Since inception, Cypress Creek has commercialized 19 GW of projects, maintains a portfolio of more than 6.8 GW of operating and under-construction assets, and has a 19 GW development pipeline of new projects planned for construction over the coming years. Cypress Creek’s leading O&M platform, Cypress Creek Solutions, operates and maintains more than 8.6 GW of energy assets across 24 states.

Media Contact:
Angie Fiese
angie.fiese@cypresscreekenergy.com

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SOURCE Cypress Creek Energy