The 162 MW Wagyu solar PV project in Brazoria County, Texas is now providing power to the grid. The project is located near Houston and is owned by Cubico Sustainable Investments, a global investor in renewable energy. It was developed by Cypress Creek Renewables, a company that develops, finances, owns and operates utility-scale facilities.
The project was set up by Renewable Energy Systems (RES). In addition to acting as the original project developer, Cypress Creek provides day-to-day operations, maintenance and asset management for Wagyu. Wagyu has the unique combination of a 15-year corporate PPA from Starbucks and 12-year physical coverage with BP.
“Wagyu is Cypress Creek’s largest project to date and our twenty-first project in Texas to reach commercial operations. This underscores our team’s vast experience developing, building and financing projects in Texas, ”said Sarah Slusser, CEO of Cypress Creek Renewables.
Cypress Creek worked with Cubico to finance tax capital and debt for the project. The tax capital was provided by the US Bank, while the project finance debt was provided by HSBC, NORD / LB and Rabobank.