Cypress Creek secures financing for 505 MW solar project in Texas

Cypress Creek Renewables announced the financial close and construction launch of the Hanson Solar project, a 505-megawatt direct current (396 MW alternating current) solar power facility located in Coleman County, Texas. The project forms part of the company’s strategy to develop solar and storage assets across the United States.

The site will deliver electricity to the grid managed by the Electric Reliability Council of Texas (ERCOT) under a power purchase agreement with Meta Platforms Inc. This agreement aims to provide stable energy while enhancing grid reliability and contributing to local economic growth. The Industrial Company (TIC), a subsidiary of Kiewit Corporation, has been selected as the engineering, procurement, and construction (EPC) contractor.

Structured financing for a large-scale project

Financial close was achieved through a combination of preferred equity and debt facilities. The preferred equity commitment was provided by a leading global credit asset manager with over $350bn in assets under management. The debt financing was arranged by MUFG Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), reflecting continued confidence from financial institutions in Cypress Creek’s development platform.

“MUFG is pleased to support the Hanson Solar financing, a significant step forward in expanding Texas’ energy capacity,” said Takaki Sakai, Managing Director at MUFG Bank. Paul Jun, Group Head of Power & New Energies North America at SMBC, said the project “offers a long-term investment opportunity aligned with strong financial fundamentals and investor priorities.”

Local impact and commissioning schedule

The construction phase is expected to create approximately 300 local jobs and generate over $80mn in tax revenue for local communities over the project’s operational lifetime. Cypress Creek states that the project will strengthen Texas’ position as a national hub for energy innovation.

The commercial operation date for Hanson Solar is scheduled for mid-2027. Once completed, the solar facility will deliver reliable power to the ERCOT grid while contributing to long-term economic development in Texas communities.