In a statement, Cypress Creek said the investment represents the acquisition by the Temasek-led group of preferred stock and warrants to buy up to an aggregate 10 per cent stake in the US company.
Founded in 2014 by Ben Van de Bunt, Michael Cohen, and Matt McGovern, Cypress originates, develops, and builds solar energy projects in targeted markets across the US. The company is expected to develop and place-in-service over 3.2 gigawatts of solar generating assets by the end of this year after installing more than 10.6 gigawatts of solar power in the US last year.
Cypress said it will use the proceeds of the latest investment to support its continued growth through creation, investment, maturation and monetization of its development portfolio.
The company will continue to operate under its existing management and add two independent directors to its board following the investment.
“The confidence Temasek has shown in our business model and development portfolio is a firm endorsement of our strategy, which we look forward to refining and executing on in tandem in the years to come,” said Cypress CEO Matt McGovern.
Temasek is a return backer in Cypress Creek Renewables. In July 2017, the Singapore investment firm led a consortium of investors that invested $450 million in the clean energy company.
Last year’s investment came a few months after Temasek opened an office in San Francisco, California to pursue tech ventures in North America. During the opening, Temasek said its expanded presence in North America reflects the growing investment opportunities in the region.
The teams working from the office in San Francisco will complement those working in New York, as well as closely collaborate with Temasek’s offices in Mexico City and Sao Paulo in Brazil.
“The San Francisco office will serve as a gateway to investment opportunities and facilitate the deepening of relationships within the Bay area and beyond,” the Singapore firm said.