[STOCKHOLM] Stockholm-based private equity firm EQT is acquiring Cypress Creek Renewables of Santa Monica, California, from Temasek and HPS Investment Partners LLC for an undisclosed price.

Cypress Creek Renewables offers services across utility-scale and distributed solar and storage across 25 states in the US and has approximately 300 employees, EQT said in a statement. The transaction is subject to customary conditions and approvals and is expected to close in the second half of 2021, it said.

Cypress Creek has 1.6 gigawatts in operating assets and has commercialised 11 gigawatts since its inception in 2014. The purchase is being made via the EQT Infrastructure V fund and is its first acquisition of a renewable energy platform in the US.

BLOOMBERG