HPS and Temasek Sell Cypress Creek Renewables to EQT

Posted on 07/04/2021

EQT Partners AB through EQT Infrastructure V fund agreed to acquire Cypress Creek Renewables, a vertically integrated renewable energy platform, from certain funds managed by HPS Investment Partners, LLC (HPS) and Temasek Holdings. With approximately 300 employees, Cypress Creek develops, owns, and operates projects throughout the U.S.

Cypress Creek operates across 25 states, with 1.6GW in operating assets and a proven track record, having commercialized 11GW since inception in 2014.

The transaction is subject to customary conditions and approvals and is expected to close in the second half of 2021.

Barclays served as financial advisor to EQT Infrastructure in connection with the transaction and Simpson Thacher & Bartlett LLP served as legal counsel. Morgan Stanley & Co. LLC served as the exclusive financial advisor to Cypress Creek in connection with the transaction and Kirkland & Ellis LLP served as legal counsel.

With this transaction, EQT Infrastructure V is expected to be 35% to 40% invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

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