First Citizens Bank’s Energy Finance business served as lead arranger on approximately $133 million in financing on behalf of Cypress Creek Renewables to support the development of the Destiny Storage project, a utility-scale, standalone battery energy storage system in Texas.
Cypress Creek Renewables is a renewable energy developer and independent power producer. It develops, finances, operates and owns solar and energy storage projects across the United States, bolstering the country’s energy independence and resilience.
Destiny, the standalone battery energy storage project, is now under construction in Harris County, Texas. When completed in early 2026, it is planned to have a 200 MW storage capacity, contributing to the state’s grid stability and renewable energy storage capacity.
“We are thrilled to announce that our large-scale battery energy storage system has secured $133 million in financing from First Citizens Bank,” Sarah Slusser, CEO of Cypress Creek Renewables, said. “This pivotal investment marks a significant milestone in our mission to drive the transition to cleaner, more reliable energy. With this funding, we are poised to accelerate the deployment of cutting-edge energy storage solutions, helping to stabilize grids, reduce carbon emissions, and empower communities with sustainable energy. We look forward to making a lasting impact on the future of energy.”
“First Citizens is pleased to support Cypress Creek Renewables with the Destiny Storage project by arranging financing for its construction and operation,” Mike Lorusso, head of Energy Finance at First Citizens Bank, said. “We appreciated this opportunity to put our financing expertise to work as we grow our support of battery energy storage facilities nationwide.”
First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable energy, conventional power generation and energy storage. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
