Nationwide and Sol Systems announced their joint venture, Helios Infrastructure, completed the purchase of four operating Texas solar projects totaling 47 megawatts from Cypress Creek Renewables. A few weeks ago, Nationwide, Sol Systems and Cypress Creek announced the final portfolio sale in a 148 MW master purchase agreement of 20 North Carolina solar projects.
“The positive impacts these solar farms will have on the environment are the driving force behind our continued partnership,” said Nationwide solar equity portfolio manager Clark Lloyd. “Nationwide and Sol Systems, with the help of Cypress Creek, hope to strengthen the renewable energy capabilities available in Texas, as we work together to create a sustainable and clean environment.”
The Texas portfolio is comprised of four projects ranging in size from 7 MW to 14 MW, located across Webb, Menard, Brooks and McLennan counties. Three of the projects have a power purchase agreement with NRG Power Marketing and one project has a power purchase agreement with the Lower Colorado River Authority. The projects were placed into service in 2019.
“Of course, 2020 market conditions presented new challenges,” said Jessica Robbins, senior director of structured finance at Sol Systems. “We were able to field those handily, and complete this valuable acquisition thanks to proven, long-term partnerships with Nationwide and Cypress Creek among others,” she added.
Cypress Creek O&M Services will provide operations and maintenance for the projects. Crestmark, a division of MetaBank, provided construction financing, while West Town Bank & Trust provided permanent loan financing and U.S. Bancorp Community Development Corporation, the tax equity and community investment subsidiary of U.S. Bank, provided tax equity financing.
“Cypress Creek was excited to partner with Nationwide and Sol Systems to complete with transaction,” said Cassidy DeLine, VP of project finance for Cypress Creek Renewables. “Cypress Creek developed these projects, originated most of the land, all the power purchase agreements, and closed the construction loans, permanent loans, and tax equity investments. We will continue to be involved in these projects and the communities through the long-term O&M contract.”
News item from Sol Systems