Cypress Creek Energy has reached financial close on phase 1 and phase 2 of its Steel River Energy Center development in Mississippi County, Arkansas – one of the largest solar and battery storage projects in the United States.
The $3.5 billion of project financing will support construction of 1.63 GW of solar and 1.9 GWh of battery storage. An anticipated third phase is expected to bring the project’s total capacity to 2.45 GW of solar and 2.9 GWh of battery storage by 2029.
Steel River Energy Center has been backed by leading global banks, with financing fully underwritten by initial coordinating lead arrangers Barclays, BNP Paribas, Santander and Wells Fargo. At the same time as raising construction financing, Cypress Creek closed tax equity financing for the project.
Kevin Smith, CEO of Cypress Creek Energy said the project financing showed the strong support the developer is seeing from capital markets for “high-quality energy infrastructure backed by experienced sponsors.”
Revenue for the grid-scale solar and energy storage project has also been secured. The developer announced it had signed a virtual power purchase agreement with an “investor-grade corporate counterparty.”
Cypress Creek Renewables has reached financial close on the first two phases of Steel River shortly after acquiring the project. The developer purchased the Steel River Energy Center from Swift Current Energy in early 2026, doubling the developer’s operating and under-construction portfolio in the process.
Steel River will make use of American-made structural steel and domestically manufactured solar panels, according to the developer. Construction is expected to create around 700 full-time jobs, along with 19 permanent positions once the facility is fully operational.
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