Cypress Creek Renewables, a developer, owner and operator of solar and energy storage projects, announced on May 5, 2025, the financial close and construction start of its 104MW Ostrea Solar project in Yakima County, Wash.
Once completed, Ostrea Solar will generate enough electricity to power between 15,000 and 16,000 average Washington homes annually, contributing to the region's clean energy goals and supporting 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 of this year with PCL Construction's Solar Division (PCL Solar) serving as the EPC contractor. The project is expected to create approximately 250 construction jobs and deliver an estimated $15 million in tax revenue to Yakima County over its operational lifetime.
Yakimaherald.com reported in February that Ostrea's plan called for 190,733 solar photovoltaic panels placed on 811 acres along State Route 24.
MUFG Bank acted as coordinating lead arranger for the construction financing of about $150 million alongside BNP Paribas, DNB Bank ASA and Santander. U.S. Bank is serving 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 of 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."
Ostrea Solar is expected to reach commercial operation by mid-2026.
Cypress Creek Renewables develops, finances, owns and operates utility-scale and distributed solar and energy storage projects across the United States. It owns more than 2GW of solar and has a more than 20GW solar and storage pipeline.
