Cypress Creek secures $150m financing for Ostrea solar project, starts construction
MUFG Bank acted as the coordinating lead arranger for the financing, supported by BNP Paribas, DNB Bank ASA and Santander.
Additionally, US Bank has committed to be the tax equity investor for the Ostrea solar project.
The solar facility will generate sufficient electricity to power between 15,000 and 16,000 average homes in Washington annually, contributing to the region's clean energy initiatives. It is on track to achieve commercial operation by mid-2026.
Cypress Creek Renewables CEO Sarah Slusser said: 'We are thrilled to have secured financing for Ostrea, our first project to reach this milestone in Washington State.
'Thanks to our strong partnerships, we are fulfilling our commitment to the state and bringing the benefits of this project – and the ones in our pipeline – to the communities that will host them.'
PCL Construction's solar division, PCL Solar, is the engineering, procurement and construction contractor for the project.
The project is expected to create around 250 construction jobs and generate an estimated $15m in tax revenue for Yakima County over its lifetime.
MUFG Bank managing director Takaki Sakai said: 'This transaction reinforces MUFG's commitment to financing high-quality renewable energy assets that deliver long-term value.
'Cypress Creek Renewables has demonstrated strong execution capabilities and a robust pipeline, and we are pleased to support their continued growth with a tailored financing solution that aligns with our strategic focus on sustainable infrastructure and energy transition investments.'
"Cypress Creek secures $150m financing for Ostrea solar project, starts construction" was originally created and published by Power Technology, a GlobalData owned brand.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
BNP Paribas Cardif closes acquisition of AXA IM
BNP Paribas Cardif has completed the acquisition of AXA Investment Managers (AXA IM), enabling the creation of a major European asset management platform that oversees over €1.5tn ($1.76tn) in client assets. This move includes a long-term partnership with the AXA Group, allowing BNP Paribas Cardif to manage a significant portion of AXA's assets. In December 2024, BNP Paribas Cardif signed a share purchase agreement to acquire AXA IM in a deal valued at around €5.1bn ($6.40bn). The acquisition is said to establish BNP Paribas Group as the leading manager of long-term savings for insurers and pension funds in Europe, with approximately €850bn ($1tn) under management. Additionally, the group aims to excel in private asset fund collection and become one of Europe's top providers of exchange-traded funds (ETFs). By integrating the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, the new platform will offer a diverse range of traditional and alternative assets, enhanced global distribution and improved innovation capabilities It will leverage AXA IM Alts' leadership in private assets, a critical growth area for both institutional and individual clients. This acquisition marks an advancement for the BNP Paribas Group's Investment and Protection Services (IPS) division. The platform will utilise the group's integrated model, collaborating closely with its commercial, personal banking and services (CPBS) and corporate and institutional banking (CIB) divisions through the 'originate to distribute' strategy. BNP Paribas director and CEO Jean-Laurent Bonnafe said: 'This acquisition is an important moment for the entire BNP Paribas Group. We are delighted to welcome the AXA IM teams, who will find within the BNP Paribas Group a strong culture of customer service as well as ambitious growth and innovation prospects. 'These are teams with recognised and complementary expertise that will build together a European industrial project to better serve our clients.' Joint working groups with AXA IM are already in place to develop a shared roadmap focusing on offerings and services, which will be presented to employee representative bodies. A proposed merger of the legal entities of AXA IM, BNP Paribas AM, and BNP Paribas REIM into the new platform under BNP Paribas Cardif is currently under consultation with employee representatives. Sandro Pierri, CEO of BNP Paribas AM, will lead the group's asset management activities, while Marco Morelli, executive chairman of AXA IM, will chair these activities for the BNP Paribas Group. "BNP Paribas Cardif closes acquisition of AXA IM" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
a day ago
- Yahoo
Trump's tax plan won't help Tesla, but 2 other EV companies got a stock boost
Rivian and Lucid stocks rose after Trump's tax bill passed in the House. The bill extends 2017 tax cuts and ends $7,500 EV tax credits in the fall. Analysts say the credit cut could decrease Tesla's sales volume even further. President Donald Trump's tax bill led to a big stock boost for two Tesla rivals. American electric vehicle makers Rivian and Lucid rose as much as 4.6% and 8.8%, respectively, on Thursday. The gains came after an analyst note from BNP Paribas said that the two companies stand to benefit from Trump's tax bill ending EV tax credits. On Thursday, the House passed the final version of the bill, which would extend the president's 2017 tax cuts and make key changes to the tax system. The bill would also end the $7,500 EV tax credit awarded to buyers on September 30. The tax credit removal is expected to lower demand for EVs, and bigger automakers could be hit harder. Per the new bill, cars made by companies that sold more than 200,000 accepted EVs between December 31, 2009, and December 31, 2025, do not qualify for the tax credit. Tesla delivered more than 336,000 vehicles in the first quarter of 2025 alone. Rivian delivered 8,000 vehicles in the same quarter, while Lucid delivered 3,109 vehicles. Like Tesla, Rivian has been struggling with deliveries. Rivian's cars don't qualify for the tax credit, but the company has relied on a leasing loophole for customers to use it. Rivian does not qualify because a requirement mandates that a significant portion of the car battery's materials should be sourced from the US or its trade partners. Lucid vehicles qualify for the $7,500 federal EV tax credit . Tesla and Lucid are down 22% and 28.5% so far this year. Rivian's stock is down 2% in the same time period. The loss of the EV tax credit could be a big hit to Tesla, analysts say. Last month, Seth Goldstein, an equity strategist at Morningstar, told Business Insider that the expedited elimination of the EV tax credit would be "the biggest area that could impact Tesla." "Consumers have increased long-range EV choices at similar price points as Tesla," Goldstein said. "It's on Tesla to make the case for consumers to even slightly pay up today versus some other EVs." Goldstein added that tax credit elimination could decrease sales volume, which the automaker has been struggling with. JPMorgan analyst Ryan Brinkman wrote in a note last month that Trump's bill, combined with other proposed legislation, including ending the California Air Resources Board Program, threatened more than half of Tesla's 2025 profits. Brinkman said that the $7,500 consumer tax made up 19% of Tesla's 2024 earnings before interest and tax. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Yahoo
Rivian, Lucid to Benefit From Trump Tax Bill, BNP Paribas Says
(Bloomberg) -- Shares of Rivian Automotive Inc. and Lucid Group Inc. gained as much as 4.6% and 8.8%, respectively, on Thursday as BNP Paribas sees the EV makers benefiting from President Donald Trump's tax and spending bill ending electric vehicle tax credits. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals What Gothenburg Got Out of Congestion Pricing The bill, which was passed by the US Senate and is expected to be passed by the House of Representatives on Thursday, would end the $7,500 electric vehicle consumer tax credit after Sept. 30. Getting rid of the tax credit is projected to lead to a drop in demand for electric vehicles later in the year, but not all automakers are expected to be impacted equally. 'Similarly to RIVN, we do believe LCID stands to benefit from reduced EV competition as OEMs deemphasize US EV ambitions,' BNP Paribas analyst James Picariello wrote in a note to clients Thursday. Automakers like General Motors Co., Ford Motor Co., Hyundai Motor Co. and its affiliated Kia Corp. have ramped up EV production in recent years. But without government incentives, and with consumer demand softening, BNP expects those efforts to slow, Picariello wrote. But for companies that solely focus on electric vehicles like Rivian, Lucid and Tesla Inc., this could lead to more market share available. The bill offers a potential boon for the electric vehicle stocks, which have broadly declined this year amid macroeconomic pressures including tariff uncertainty. Rivian may also benefit from continued backlash against Elon Musk and Tesla for his previous involvement in the Trump administration, Picariello wrote. Tesla delivered 384,122 vehicles in the second quarter, a 13% year-over-year decline, the company reported on Wednesday. Rivian and Lucid both fell short of expectations in the second quarter. Rivian delivered 10,661 vehicles, 2.3% below the average analyst estimate. Lucid delivered 3,309 vehicles in the second quarter, 4% below the average analyst estimate. BNP expects third-quarter deliveries to rise as consumers rush to buy before the tax credit ends. Rivian is likely to benefit more than Lucid, given Lucid's slower production ramp and the fact that its Gravity SUV isn't expected to be available until the end of 2025, and the crossover utility vehicle until 2027. Picariello has an outperform rating on Rivian and an underperform rating on Lucid. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.
