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EQT to buy Cypress Creek Renewables from HPS and Temasek to debut in US renewable energy market

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Private equity major EQT has agreed to acquire renewable energy platform Cypress Creek Renewables from HPS Investment Partners and Temasek through its Infrastructure V fund. The deal marks the firm’s first acquisition of a renewable energy platform in the US.

Cypress Creek stores and distributes solar energy across 25 states in the US, with 1.6GW in operating assets. The firm said it is well-positioned to take advantage of the growing renewable energy market, which is supported by expanding federal and state policies.

 

Alex Darden, a partner in EQT’s infrastructure 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.

“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 Infrastructure V reached a €12.5bn first close in March. The firm tapped the vehicle in April for a $4.6bn buyout of North American transport assets from FirstGroup. Infrastructure V is expected to be 35% to 40% invested after the Cypress Creek deal.

The firm hauled in €15.6bn in April for its ninth flagship fundraise, beating even its hard cap after successfully navigating the Covid-affected capital raising market.

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/eqt-to-buy-cypress-creek-renewables-from-hps-and-temasek-to-debut-in-us-renewable-energy-market.html

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