First Citizens Bank Leads $133 Million Financing for Renewables Battery Storage Project in Texas
Summary
NEW YORK, N.Y. March 11, 2025 First Citizens Bank today announced that its 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 leading renewable energy developer and independent power producer. This pivotal investment marks a significant milestone in our mission to drive the transition to cleaner, more reliable 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, said Mike Lorusso, head of Energy Finance at First Citizens Bank. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500.