Cypress Creek Renewables, a company specialising in the development, ownership and operation of solar and energy storage projects, announced on May 5 the financial close and start of construction of its Ostrea Solar project, with a capacity of 104 megawatts (MW), located in Yakima County, Washington State. The total investment for the construction phase is approximately $150mn.
The project, currently under construction, is scheduled to begin commercial operations by mid-2026. Once operational, the site is expected to generate enough electricity to power between 15,000 and 16,000 local households annually. It is the company’s first project of this scale to reach this stage in Washington State.
A banking consortium structures the financing
The financing structure includes several international financial institutions. MUFG Bank acted as coordinating lead arranger, alongside BNP Paribas, DNB Bank ASA and Santander. U.S. Bank serves as the project’s tax equity investor. The consortium has helped ensure financial stability throughout the project’s construction phase.
Takaki Sakai, Managing Director at MUFG Bank, stated that the transaction “reinforces MUFG’s commitment to financing high-quality renewable energy assets that deliver long-term value”. The Ostrea Solar project is part of a broader portfolio developed by Cypress Creek Renewables.
Expected local economic impact
Construction began in February and is being carried out by the solar division of PCL Construction (PCL Solar). Approximately 250 temporary construction jobs will be created during the development phase. Over its operational lifetime, the project is expected to deliver around $15mn in tax revenue to Yakima County.
The development of Ostrea Solar adds to Cypress Creek Renewables’ growing portfolio in the northwestern United States. The company continues to structure projects in several U.S. jurisdictions with strong solar potential, supported by tailored financing approaches and sustained banking partnerships.
