Global investment organization EQT announced an agreement by its EQT Infrastructure V fund (EQT Infrastructure) to acquire leading integrated renewable energy platform Cypress Creek Renewables from funds managed by HPS Investment Partners, and Temasek.

Cypress Creek develops, owns, and operates utility-scale and distributed solar and storage projects. Founded in 2014, the company has commercialized 11GW to date and currently operates across 25 states with 1.6GW in operating assets.

Alex Darden, Partner within EQT Infrastructure’s Advisory Team, said:

“Cypress Creek plays a critical role in North America’s renewable energy development and infrastructure market. Its platform is optimally situated to benefit from tailwinds of increasing and durable demand for clean and responsible energy. EQT is excited to invest in and partner with CEO Sarah Slusser and the entire Cypress Creek team as the Company pursues its next phase of growth and strategic vision. This investment aligns directly with our thematic approach of investing in sustainable businesses that have a positive impact on society. As a responsible investor, we are committed to working with Cypress Creek on transforming and supporting North America’s green energy future.”

EQT expects to support Cypress Creek’s continued growth with investments in operational, organizational, digital and sustainability initiatives, along leveraging its experience in partnering with renewable energy and sustainability driven businesses, and its network of global EQT advisors.

Sarah Slusser, CEO of Cypress Creek, said:

“Cypress Creek Renewables is thrilled to have EQT backing our talented team and multi-year growth plan, centered on our mission of powering a sustainable future, one project at a time. With EQT, we will accelerate our sustainable growth in developing the highest-value solar and storage energy projects, providing best-in-class O&M services for ourselves and our customers, and expanding our fleet of operating assets.”