The Firm is representing EQT Infrastructure V fund in its announced definitive agreement to acquire Cypress Creek Renewables. Financial details of the transaction were not disclosed. The transaction is subject to customary conditions and approvals and is expected to close in the second half of 2021.
One of the leading solar and storage energy companies, Cypress Creek develops, owns and operates projects throughout the United States. With approximately 300 employees, the company’s integrated platform provides the foundation for continuous innovation, securing the company’s leadership position in the energy transition. Cypress Creek operates across 25 states, with 1.6GW in operating assets and a proven track record, having commercialized 11GW since inception in 2014. Cypress Creek is deeply rooted in the U.S. renewable energy market, offering a full suite of services across utility-scale and distributed solar and storage, with an expansive pipeline of future development and O&M services opportunities.
EQT is a purpose-driven global investment organization with more than €67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately €29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
The Simpson Thacher team for the transaction includes Brian E. Chisling, Michael T. Holick, Amy Hutchings and Alisha Tupchong (M&A); Brian Steinhardt, Eli Isak, Amy Beller and Taylor Nefussy (Credit); David Rubinsky, Caitlin Lucey and Allison Sutherland (Executive Compensation and Employee Benefits); Jonathan Goldstein and Edward Grais (Tax); Krista McManus, Timothy Gallagher and Stephanie Brenner (Real Estate); Timothy Mulvihill (Environmental); Genevieve Dorment and Corina McIntyre (IP); Sara Razi, Kelly Karapetyan and Joshua Hazan (Antitrust); and Steven DeLott (Insurance). Summer Associates Kelly Johnson, Vihan Khanna, Sarah Spielberger, Sarika Pandrangi and Boguang Yang provided valuable assistance.