Cypress Creek Energy has reached financial close on the first two phases of its Steel River Energy Center in Arkansas, securing $3.5 billion in financing to support construction and long-term operations of one of the largest solar and battery storage projects in the United States.
The financing package covers Phase 1 and Phase 2 of the three-phase development, which together will add 1.63 gigawatts (GW) of solar generation capacity and 1.9 gigawatt-hours (GWh) of battery storage to the regional power grid. Upon completion of all three phases, the project is expected to reach 2.45 GW of solar capacity and 2.9 GWh of battery storage by 2029.
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The transaction was fully underwritten by Barclays, BNP Paribas, Santander, and Wells Fargo, highlighting continued lender appetite for large-scale energy infrastructure projects. Cypress Creek also secured tax equity financing from a major investor and finalized a virtual power purchase agreement (VPPA) with an investment-grade corporate buyer, providing long-term revenue visibility for the project.
Chief Executive Officer Kevin Smith said the financing demonstrates strong capital market support for utility-scale energy infrastructure as electricity demand continues to rise across the United States. The company said the project is designed to deliver reliable power while supporting economic development in Arkansas.
Steel River is being developed as a large-scale solar-plus-storage complex, a segment that has attracted growing investment as utilities and corporate buyers seek firmed renewable power supplies. Battery storage systems integrated with solar generation are increasingly viewed as critical for enhancing grid reliability, shifting renewable output into peak demand periods, and reducing exposure to power market volatility.
The project also emphasizes domestic manufacturing. Cypress Creek said Steel River will use 100% U.S.-made structural steel, much of it sourced from Mississippi County, Arkansas, and will deploy solar modules manufactured by First Solar. Additional project components will be supplied by Arkansas-based companies.
Beyond its energy contribution, the development is expected to generate nearly $300 million in tax revenue over its operating life and create approximately 700 construction jobs, alongside indirect economic benefits for local businesses and service providers.
Cypress Creek is one of the largest privately held renewable energy developers in the U.S., with more than 6.8 GW of operating and under-construction assets and a development pipeline totaling 19 GW. The company has commercialized 19 GW of projects since its founding and operates more than 8.6 GW of energy assets through its operations and maintenance platform.
