Santander Leads $3.5bn Financing for 1.63GW Solar and 1.9GWh Storage
SAN•Santander participated as a coordinating lead arranger and joint bookrunner in a $3.5bn financing for the first two phases of Cypress Creek Energy’s Steel River Energy Centre, delivering 1.63GW solar power and 1.9GWh battery storage. Completion by 2029 will increase capacity to 2.45GW solar and 2.9GWh storage.
1. Financing Arrangement
A consortium of banks underwrote $3.5bn to finance the first two phases of the Steel River Energy Centre, which together will deliver 1.63GW of solar power and 1.9GWh of battery storage to the US grid. The deal combines construction financing and tax equity for the facility’s initial build-out.
2. Santander's Contribution
Santander served as coordinating lead arranger and joint bookrunner on the transaction, partnering with Barclays, BNP Paribas and Wells Fargo. The bank’s involvement is expected to generate underwriting and advisory fees, reinforcing its renewable energy financing portfolio.
3. Project Details and Timeline
The full Steel River Energy Centre will be delivered in three phases by 2029, ultimately offering 2.45GW of solar output and 2.9GWh of battery storage capacity. The project prioritises US-made materials and long-term power sales through a virtual power purchase agreement with an investment-grade corporate buyer.
