Temasek leads $450m Cypress Creek backing

The Singapore sovereign wealth fund heads consortium investing in the US solar and battery storage developer.

A consortium led by Temasek Holdings, the Singapore state investment firm, has invested $450 million in clean energy tech developer Cypress Creek Renewables.

Temasek’s investment in the California-based clean energy company comes five months after opening an office in San Francisco in pursuit of North American tech ventures. Cypress Creek is a fast-growing company that since 2014 has raised more than $2 billion in investments and built a 5GW US solar portfolio, and last June agreed to co-develop 12 battery storage projects.

“This agreement accelerates our mission to put as much solar in the ground as soon as possible. We are excited at the opportunity to further build the business with support from Temasek and our other partners,” said Matt McGovern, Cypress Creek chief executive.

Along with its battery storage deal, Cypress Creek announced in June it had entered into a 10-year master service agreement with solar panel equipment supplier SMA.

Temasek, a $180 billion sovereign wealth fund, has previously stated an interest in increasing exposure in North America, which last year grew to 10 percent of its total portfolio. In 2016, the institution made bets on US student housing and data centres.