Cypress Creek Renewables announced that the sale of two Massachusetts community solar projects with a total capacity of 6.35 MW to CarVal Investors has been completed. The Bristol and Franklin counties are collaborative solar projects developed by Cypress Creek under the government’s Solar Massachusetts Renewable Target (SMART) program.
“This expansion of the existing relationship between Cypress Creek and CarVal reflects the strength of the partnership our teams have built. We are excited to take this opportunity to participate in the Massachusetts SMART program while delivering affordable electricity to Massachusetts homes and businesses, ”said Sarah Slusser, CEO of Cypress Creek Renewables.
In addition to this sale, CarVal is providing development capital to Cypress Creek under a 2019 loan agreement. This marks the first sale of Cypress Creek to CarVal in its role as long term solar owner.
“We are excited to be part of the SMART solar and storage program in Massachusetts as we continue to expand our partnership with Cypress Creek,” said Jerry Keefe, principal of CarVal Investors. “Clean energy is a big focus of our business today and we look forward to investing in other projects like this in the years to come.”
The projects were originally developed by Clean Energy Collective and then purchased by Cypress Creek, completing all late development work. Both projects are currently being built by EPC contractor Signal Energy DG. Commercial operation is expected in spring 2021. Cypress Creek O&M Services will operate and maintain the projects.
Local residents and businesses can save on their electricity bills by subscribing to the community’s solar projects. Subscriptions and ongoing program management are provided by the Community Solar Platform.
Message from Cypress Creek Renewables