Overview
- Cypress Creek announced financial close on the first two phases of the Steel River Energy Center on Thursday, securing $3.5 billion to fund construction and long-term operations.
- Phases 1 and 2 will add 1.63 GW of solar and 1.9 GWh of battery storage and are on a schedule that targets first power from Phase 1 in early 2028 and full three-phase buildout by 2029 if the final phase is financed.
- The financing package was fully underwritten by Barclays, BNP Paribas, Santander and Wells Fargo and closed concurrent tax-equity while the project also signed a long-term virtual power purchase agreement with an investment-grade corporate counterparty.
- Steel River will prioritize U.S.-made components, using domestically manufactured panels and 100% U.S. structural steel mostly from Mississippi County, and is expected to create about 700 construction jobs and nearly $300 million in lifetime tax revenue for the area.
- Cypress Creek is now marketing Phase 3, which will cost up to roughly $1.5 billion and needs an offtaker and financing to reach the project’s full 2.45 GW/2.9 GWh scale, a gap that will determine whether the site completes commercial operation by 2029.