Kirkland & Ellis closed two recent solar financings for Cypress Creek Renewables. Kirkland advised Cypress Creek on a $200 million mezzanine syndicated debt financing backed by a 1.6 GW portfolio of operating utility-scale and distributed solar assets. Investec acted as the lead arranger for the financing. This financing closed on October 30, 2020. In addition, Kirkland advised Cypress Creek on a senior debt financing for a portfolio of 14 solar projects, allowing Cypress Creek to pay off existing project-level debt and complete a series of tax equity buyouts for sole ownership of the portfolio projects. BNP Paribas acted as the primary lender and lead arranger for the transaction, which includes potential incremental facility capacity of up to $650 million. This financing closed on October 16, 2020.
On both matters, the Kirkland team was led by debt finance partner Rohit Chaudhry, associates Olivia George and Raghav Gupta, with support from tax partner Scott Cockerham; energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg; derivatives partner Drue Santora; environmental transactions partner Alex Farmer and associate Jim Dolphin; employee benefits partners Elizabeth Dyer and Melissa Grim; government & internal investigations partner Nick Niles; and investment funds associate Tim Nolan.