Cypress Creek Renewables, a leading developer, owner, and operator of solar and energy storage projects, has announced the financial close and start of construction on its 104MW Ostrea Solar project located in Yakima County, Washington.
Once operational, Ostrea Solar is expected to generate enough clean electricity to power between 15,000 and 16,000 average Washington homes annually, supporting both local and state clean energy targets and advancing the broader transition to renewable power.
“We’re thrilled to have secured financing for Ostrea, our first project to reach this milestone in Washington State,” said Sarah Slusser, CEO of Cypress Creek Renewables. “Thanks to our strong partnerships, we’re 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.”
Construction began in February 2025, with PCL Construction’s Solar Division (PCL Solar) serving as the engineering, procurement, and construction (EPC) contractor. The project is projected to create around 250 construction jobs and contribute an estimated $15 million in tax revenue to Yakima County over its operational life.
The project secured approximately $150 million in construction financing, led by MUFG Bank as coordinating lead arranger, alongside BNP Paribas, DNB Bank ASA, and Santander. U.S. Bank is acting as the project’s tax equity investor.
“This transaction reinforces MUFG’s commitment to financing high-quality renewable energy assets that deliver long-term value,” said Takaki Sakai, Managing Director at MUFG Bank. “Cypress Creek Renewables has demonstrated strong execution capabilities and a robust pipeline, and we’re pleased to support their continued growth with a tailored financing solution that aligns with our strategic focus on sustainable infrastructure and energy transition investments.”
The Ostrea Solar project is expected to reach commercial operation by mid-2026, further strengthening Cypress Creek’s position as a key player in the U.S. renewable energy market.
