SANTA MONICA,Calif., July 25, 2022 /PRNewswire/ -- Cypress Creek Renewables has added 400MW/600MWh to its storage portfolio after acquiring four Texas standalone energy storage projects from Black Mountain Energy Storage (BMES). The projects, each 100MW, are located throughout the Electric Reliability Council of Texas (ERCOT) market and are currently under development.
Cypress Creek will continue project development, entitlement, engineering, procurement, financing, construction, and will operate the 400MW/600MWh portfolio once complete. The four projects are expected to be placed in service in 2024.
Nationally, Cypress Creek has developed more than 11GW of solar to date and has a 15GW solar and storage pipeline. In the ERCOT market, Cypress Creek has developed 5GW of solar and storage assets, bringing resiliency and flexibility to the grid.
"ERCOT is an incredibly dynamic power market, and standalone storage assets will continue to provide opportunities to increase grid reliability through flexible and dispatchable resources," said Jack Murray, Director of M&A at Cypress Creek. "Black Mountain has been an exceptional partner to work with and we are excited to throw our development, EPC and financing expertise behind these assets to move them across the finish line, affirming our commitment to developing resilient renewable energy resources throughout Texas."
"It was a pleasure working with the Cypress Creek team, and we are pleased to have assisted them on their journey to be one of the most significant renewables developers in the U.S.," says Rhett Bennett, Chief Executive Officer of BMES. "Cypress not only understands the power market, but also the critical importance of energy storage. They are committed to renewable energy, and we are excited about the potential of these projects and the immense positive impact they will bring to the grid."
The transaction was facilitated through the LevelTen Energy Asset Marketplace, connecting renewable energy projects and buyers towards deal execution.
"It was an honor to support this transaction via the LevelTen Asset Marketplace, which brings together project developers and investors, and delivers the online tools they need to complete asset sales," said Patrick Worrall, vice president of Asset Marketplace, LevelTen Energy. "Black Mountain Energy Storage and Cypress Creek Renewables are leaders in the industry, and we look forward to watching development on this portfolio of storage projects progress."
Cypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has developed more than 11GW of solar projects. Today it owns 2GW of solar and has a 15GW pipeline. Cypress Creek's leading O&M services business operates and maintains 4GW of solar projects for customers across 19 states. For more information about Cypress Creek, please visit www.ccrenew.com.
Black Mountain Energy Storage is a team of energy experts who develop and operate battery energy storage facilities. Founded in 2021, BMES was established to bring reliable, emissions-free energy storage capacity to the electric grid to enhance system reliability and enable greater reliance on renewable generation. It focuses on investing in communities and markets where energy storage will provide long-term value to stakeholders.
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SOURCE Cypress Creek Renewables