Developer Cypress Creek Renewables closes on $3.5 billion in financing for one of the biggest solar and battery projects in the U.S., the first phases of which will boast 1.6 GW of solar and 1.9 GWh of storage in Arkansas for use by an undisclosed tech firm.
The funding is for part of the company’s gigawatt-scale Steel River Energy Center, a large solar-and-storage project in northeast Arkansas.
Renewables Now Reports the financial close covers the construction and long-term operation of two stages of the three-phase development, Cypress Creek said on Thursday. Phase 1 and 2 will add 1.63 GW of solar and 1.9 GWh of energy storage capacity to the grid. When all phases are completed, the Steel River Energy Center will comprise 2.45 GW of photovoltaic (PV) farms and 2.9 GWh of battery energy storage systems (BESS). Its commissioning is targeted by 2029.
The massive storage complex will be built in Mississippi County. The first two phases will involve panels by First Solar and be operated under a virtual power purchase agreement. Cypress Creek acquired the Steel River project in March from developer Swift Current Energy. The company currently has a portfolio of over 6.8 GW of operating and under-construction assets and a development pipeline totaling 19 GW.
