Temasek-backed funds sell Cypress Creek Renewables to EQT Infrastructure V fund

An EQT solar site. Credit: EQTAn EQT solar site. Credit: EQT

Funds managed by Singapore’s state-owned investment company Temasek and HPS Investment Partners have agreed to sell Cypress Creek Renewables to EQT Infrastructure V fund, EQT said in a press release Sunday.

Renewable energy platform Cypress Creek Renewables develops, owns and operates projects across 25 U.S. states, with 1.6 gigawatts of operating assets.

EQT Infrastructure plans to make investments in Cypress Creek’s digital, sustainability and other initiatives to help the company with continued expansion, the statement said.

“Cypress Creek plays a critical role in North America’s renewable energy development and infrastructure market. Its platform is optimally situated to benefit from tailwinds of increasing and durable demand for clean and responsible energy,” Alex Darden, partner with EQT Infrastructure’s advisory team, said in the statement.

“This investment aligns directly with our thematic approach of investing in sustainable businesses that have a positive impact on society. As a responsible investor, we are committed to working with Cypress Creek on transforming and supporting North America’s green energy future,” Darden added.

Sarah Slusser, CEO of Cypress Creek, said in the statement that the EQT investment would accelerate the company’s growth in developing solar and storage energy projects, providing offshore and marine services and expanding its portfolio of operating assets.

The deal is expected to close in the second half of this year.

EQT Infrastructure V is expected to be 35-40 percent invested based on its target fund size after the Cypress Creek deal. EQT has more than 67 billion euros in assets under management across 26 active funds.

HPS Investment Partners is a global investment firm with more than US$72 billion in assets under management as of July. Temasek had a net portfolio value of S$306 billion as of end-March 2020.