Cypress Creek Renewables closes financing on 270 MW Shakes solar PV project in Dimmit

Cypress Creek Renewables has secured financial close on its 270 MW Shakes solar photovoltaic project located in Dimmit County in Texas. The Shakes solar project is currently under construction and expects to reach commercial operation during the second half of 2022. Cypress Creek will be the long-term owner and operator of the project. 

Morgan Stanley, through one of its subsidiaries, is the tax equity provider and Nord/LB, Rabobank, Helaba and National Bank of Canada provided the project finance debt. The energy and renewable energy credits generated by the project have been sold to Axpo US, an affiliate of Axpo Solutions, an international leader in the development of tailor-made energy solutions for its customers. 

Kirkland & Ellis LLP served as Cypress Creek's legal counsel for the project financing, Mayer Brown LLP served as Morgan Stanley's legal counsel, Winston & Strawn LLP served as legal counsel for the lenders, and Norton Rose Fulbright US LLP served as Axpo's legal counsel. PCL Construction is the Engineering, Procurement, and Construction provider.