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After acquiring four Texas-based energy storage projects from Black Mountain Energy Storage, Cypress Creek Renewables now has 400MW/600MWh in its storage portfolio. Each project is 100MW and is currently in development. These projects are located throughout the Electric Reliability Council of Texas.
Cypress Creek will continue to develop, entitlement, procurement, engineering, financing, construction and, once completed, will manage the portfolio of 400MW/600MWh. These four projects will be in service by 2024.
Cypress Creek has produced more than 11GW of solar so far and has a 15GW storage and solar pipeline. Cypress Creek’s 5GW solar and storage assets have been developed in the ERCOT market. This brings flexibility and resilience to the grid.
Jack Murray, Director M&A at Cypress Creek, stated that ERCOT is an extremely dynamic power market and standalone storage assets will provide opportunities for increasing grid reliability through flexible, dispatchable resources. Black Mountain was an outstanding partner to work alongside and we are excited that we can throw our development, EPC, and financing expertise behind the assets to move them to the finish line. This affirms our commitment to developing resilient renewable energies throughout Texas.
Rhett Bennett is Chief Executive Officer at BMES. “It was a pleasure to work with the Cypress Creek Team, and we are happy to have assisted them in their journey to become one of the most important renewables developers in the U.S.A. Cypress understands not only the power market but also the crucial importance of energy storage. They are dedicated to renewable energy and we are excited about their potential and the enormous positive impact they will have on the grid.”
The LevelTen Energy Asset Marketplace connected renewable energy buyers and sellers to facilitate the transaction.
“It was an honor to support this transaction via LevelTen Asset Marketplace which brings together investors and project developers, and provides the online tools they need for asset sales,” said Patrick Worrall (Vice President of Asset Marketplace, LevelTen Energy). “Black Mountain Energy Storage is a leader in the industry and Cypress Creek Renewables is a great company. We look forward to seeing how this portfolio of storage projects develop.”