Cypress Creek Renewables has announced the financial close of its hybrid Sundance Solar and Energy Storage project located in Elbert County, Colorado. The site will combine 75 megawatts of alternating current (MWac) solar capacity with a 50MW/200MWh battery energy storage system to supply electricity to CORE Electric Cooperative’s grid.
This project marks a new step for Cypress Creek as it expands in the western United States. Once operational, the facility is expected to generate enough electricity to cover the annual consumption of approximately 25,000 households in the state. Construction began in July, led by McCarthy Building Companies as the engineering, procurement and construction (EPC) contractor.
A multi-bank financing structure
Construction financing of approximately $190mn was arranged by MUFG Bank Ltd., with participation from BNP Paribas, DNB Bank ASA and Santander. Fifth Third Bank is acting as the project’s tax equity investor. No further details were disclosed on the breakdown between debt and equity.
The Sundance project is expected to create up to 250 temporary jobs during construction and generate over $9.5mn in local tax revenues over its anticipated forty-year lifespan. Cypress Creek has also allocated $300,000 to community initiatives in Elbert County, establishing a local advisory group for fund allocation.
Local partnership with regional cooperative
CORE Electric Cooperative, the project’s primary partner, will integrate the facility’s output into its distribution network. The partnership is part of a regional strategy to strengthen electricity supply reliability through locally sourced and dispatchable resources.
Commercial operations are scheduled to begin by the end of 2026. At that point, the project will integrate both solar and storage assets into the region’s energy supply, amid a broader trend of diversifying the state’s power mix.
