SC: Cypress Creek Renewables to Invest $12M for Solar Power Project
12 Jan, 2016
Cypress Creek Renewables, a company that specializes in the ownership and development of long-term solar energy projects, has taken first steps toward investing $12 million in solar energy projects in Saluda County.
With offices in Arizona, Missouri, New York and North Carolina, as well as Los Angeles and San Francisco, Calif., Cypress Creek Renewables strives to make solar power economically attractive to utilities and consumers. Primarily focused on two to 10 megawatt utility scale projects, Cypress is working with regulators, utilities and business development groups throughout the United States to build more than one gigawatt of new solar projects between now and the end of 2016.
The company is working in partnership with Southern Current, which is the newly merged entity comprised of long time development partners Sustainable Energy Solutions and Solbridge Energy. Southern Current oversees local development activities including site identification and acquisition, obtaining necessary permits and coordinating with the utilities amongst other due diligence activities. Together, they have received economic development approvals to build two facilities in Saluda County.
The projects, a nine-megawatt facility located off of S.C. Highway 121 in Saluda and a four-megawatt facility located off of Columbia Highway in Saluda, are expected to be fully operational by the end of 2016. One megawatt of solar energy is enough to provide inexpensive, secure, clean energy to approximately 200 South Carolina homes.
"Local solar projects help to grow the economy by providing clean, renewable energy for homes and businesses. Working in partnership with our utility partners, local leaders, and the state of South Carolina, gives us the opportunity to help build an energy-independent future." -Cypress Creek Renewables CEO Matthew McGovern
"It's very exciting to be part of projects like these that are helping to reshape South Carolina's energy future. This would not be possible without the support of the local community and all of our development partners" -Southern Current, LLC Principal and Chief Development Officer Paul Fleury
"Team South Carolina's approach to providing a business-friendly environment for all types of companies continues to pay off, and Cypress Creek's investment in Saluda County is a testament to that. We look forward to seeing the impact that the renewable energy industry will have in Saluda, and across the state." -Gov. Nikki Haley
"This investment by Cypress Creek Renewables will further strengthen South Carolina's growing reputation in the area of renewable energy. Providing both positive economic and environmental impacts, I'm proud to welcome Cypress Creek to our state and look forward to growing this terrific partnership in the years ahead." -Secretary of Commerce Bobby Hitt
"We greatly appreciate the investment made by Cypress Creek and wholeheartedly endorse their initiatives to provide clean, alternative energy source by the company and our public and private utilities in our county." -Saluda County Council Chairman Don Hancock
FIVE FAST FACTS
· Cypress Creek Renewables is establishing solar power operations in Saluda County.
· 40-60 jobs created during construction.
· $12 million investment in two Saluda County facilities.
· 14 megawatts can power about 2,800 homes per year.
· Cypress Creek's Saluda County operations are expected to be fully operational by the end of 2016.
About Cypress Creek Renewables
Cypress Creek Renewables is pursuing opportunities across the United States. Our business model is primarily focused on utility-scale ground mount projects from 2-10MW AC in capacity. Cypress brings extensive development experience and very aggressive financing to create new opportunities in emerging solar markets. Our goal is to make solar an economically attractive option without additional state incentives. For more information, visit www.cypresscreekrenewables.com.
About S.C. Department of Commerce
As South Carolina's leading economic development agency, the Department of Commerce works to recruit new businesses and help existing business grow. Commerce has recruited world-class companies to South Carolina such as BMW, Boeing, Continental, Giti Tire, LPL Financial Holdings, Mercedes-Benz Vans, Toray and Volvo Cars and also supports startups, small and existing business, innovation and rural development initiatives. Commerce partners with the S.C. Technical College System via readySC to support workforce training and recruiting, and with the S.C. Department of Employment and Workforce, which provides worker training and employment opportunities within the state. IBM-Plant Location International reports in 2012, 2013 and 2015 ranked South Carolina first in the nation for attracting jobs through foreign investment. For more information, visit www.SCcommerce.com.