Overview
- Cypress Creek announced Thursday that it closed $3.5 billion in construction financing for Phases 1 and 2 of the Steel River Energy Center in Mississippi County, Arkansas.
- Phases 1–2 will deliver 1.63 gigawatts of solar and 1.9 gigawatt‑hours of battery storage, with Phase 1 targeting first power in early 2028 and full three-phase completion possible by mid‑2029 if Phase 3 is financed.
- The financing was fully underwritten by Barclays, BNP Paribas, Santander and Wells Fargo, and closed alongside tax equity from an undisclosed major investor and reported long‑term power sales to an investment‑grade technology company.
- The project prioritizes U.S. supply: First Solar panels, Nextpower trackers, LG batteries assembled in the U.S., and 100% U.S. structural steel largely sourced from Mississippi County, and it is expected to create about 700 construction jobs and nearly $300 million in lifetime tax revenue.
- Phase 3 remains unfunded and is being marketed for a separate offtaker and up to roughly $1.5 billion in additional capital, while the deal is being read as a wider market signal that large solar-plus-storage projects can attract major bank and tax‑equity support even as federal incentives and sourcing rules evolve.