Nationwide and Sol Systems venture, Helios Infrastructure, purchases 47 MW Texas portfolio amid 2020 challenges
Second utility-scale portfolio acquired from Cypress Creek Renewables in 2020
Today, Nationwide and Sol Systems, announced their joint venture, Helios Infrastructure (Helios), completed the purchase of four operating Texas solar projects totaling 47 MW from Cypress Creek Renewables. A few weeks ago, Nationwide, Sol Systems and Cypress Creek announced the final portfolio sale in a 148 MW master purchase agreement of 20 North Carolina solar projects.
“The positive impacts these solar farms will have on the environment are the driving force behind our continued partnership,” said Nationwide Solar Equity Portfolio Manager Clark Lloyd. “Nationwide and Sol Systems, with the help of Cypress Creek, hope to strengthen the renewable energy capabilities available in Texas, as we work together to create a sustainable future for our communities.”
The Texas portfolio is comprised of four projects ranging in size from 7 MW to 14 MW and are located across Webb, Menard, Brooks, and McClennan counties. Three of the projects have a power purchase agreement with NRG Power Marketing and one project has a power purchase agreement with the Lower Colorado River Authority. The projects were placed into service in 2019.
“Of course, 2020 market conditions presented new challenges” said Jessica Robbins, Senior Director, Structured Finance at Sol Systems. “We were able to field those handily, and complete this valuable acquisition thanks to proven, long-term partnerships with Nationwide and Cypress Creek among others,” she added.
Cypress Creek O&M Services will perform O&M services for the projects. Crestmark, a division of MetaBank, provided construction financing, while West Town Bank & Trust provided permanent loan financing and U.S. Bancorp Community Development Corporation, the tax equity and community investment subsidiary of U.S. Bank, provided tax equity financing.
“Cypress Creek was excited to partner with Nationwide and Sol Systems to complete with transaction,” said Cassidy DeLine, Vice President of Project Finance, Cypress Creek Renewables. “Cypress Creek developed these projects, originated most of the land, all the power purchase agreements, and closed the construction loans, permanent loans, and tax equity investments. We will continue to be involved in these projects and the communities through the long-term O&M contract.”
- Mars, Webb County, 14 MW
- Lampwick, Menard County, 11 MW
- Alexis, Brooks County, 14 MW
- Griffin, McLennan County, 7 MW
- 9/29/20: Nationwide and Sol Systems Acquire Largest Solar Project in Louisiana
- 8/19/20: Nationwide and Sol Systems venture completes final sale with Cypress Creek in 148 MW master purchase agreement
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
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ABOUT SOL SYSTEMS
Sol Systems is a leading national solar energy firm with an established reputation for integrity and reliability across its development, infrastructure and environmental commodity businesses. To date, Sol has developed and/or financed over 1 GW of solar projects valued at more than $1 billion for Fortune 100 companies, municipalities, counties, utilities, universities and schools. The company also actively shapes and trades in environmental commodity and electricity markets throughout the United States. The company was founded in 2008, is based in Washington, D.C., and is led by its founder. Sol Systems works with its team, partners, and clients to create a more sustainable future we can all believe in. For more information, visit https://www.solsystems.com/.
ABOUT CYPRESS CREEK RENEWABLES
Cypress Creek Renewables is powering a sustainable future, one project at a time. We develop, finance, own and operate utility-scale and distributed facilities across the country. With more than 9.8GW of solar developed and more than 3.2GW under management, Cypress Creek is one of the country’s leading solar and storage companies. For more information about Cypress Creek, please visit www.ccrenew.com.