Cypress Creek Renewables to Acquire FLS Energy

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Growth move merges two companies with the common goal of delivering solar energy to the greatest number of people.

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This partnership furthers our goal to generate as much clean energy as possible to help lead our country toward energy independence.

Cypress Creek Renewables, the nation’s leading developer of local solar projects, today announced that it has signed an agreement to acquire Asheville, North Carolina-based solar developer FLS Energy. The move comes at a time of significant growth for Cypress Creek and represents the next step in Cypress Creek’s ongoing efforts to provide renewable energy to as many communities as possible throughout the country. Following the acquisition, the combined company will continue to be a force for job creation and economic development in North Carolina and throughout the Southeast.

“The FLS vision is to ‘make solar mainstream.’ The Cypress Creek mission is to put as much solar into the ground as possible. We share many of the same aspirations and cultural ideals. This acquisition is a natural advancement for us—and for FLS Energy—in the attainment of our goals. The combined financial strength and management skills of the merged company create a solid foundation for future growth as we continue to expand our relationships with financial partners,” said Cypress Creek Renewables CEO Matthew McGovern.

“When we founded FLS Energy, we felt a great responsibility to our employees as well as to our community. Our business was more than just about making money; it was about making the world a better place to pass down to our children. By joining with Cypress Creek, what started as a simple idea among three friends, will now reach a scale that can truly change the world. I can’t imagine a better partner than Cypress to create the new energy economy of the future,” added FLS Energy CEO, Co-Founder Dale Freudenberger.

FLS Energy started as a residential solar construction company more than 10 years ago and, in that time, evolved into one of North Carolina’s leading engineering, procurement and construction firms. FLS has an operating portfolio of 350 megawatts and a near-term pipeline of over 600 megawatts of solar projects. The FLS portfolio will increase Cypress Creek’s existing portfolio of 735 gigawatts of solar projects in operation or construction and over 4 gigawatts in development and will establish Cypress Creek as the leading developer, builder, owner and operator of distributed utility solar in the United States.

“I have long believed that FLS is one of the best in the industry at what they do. This partnership furthers our goal to generate as much clean energy as possible to help lead our country toward energy independence. We appreciate the cooperation of everyone who helped make this possible.” — Cypress Creek Renewables President Michael Cohen.

For more information about FLS Energy, visit http://www.FLSenergy.com. For more information about Cypress Creek Renewables, visit http://www.ccrenew.com.

About Cypress Creek Renewables: Cypress Creek Renewables is the American leader in Local Solar. Cypress uses a data-driven approach to identify and acquire underutilized land on which it builds solar farms ranging from 2 – 20 MW on average, and it currently owns the largest solar farm east of the Mississippi River. Cypress sells the renewable energy these solar farms create back to local communities, typically at rates lower than fossil fuels. This process guarantees widespread, affordable access to clean energy.

Cypress is fully integrated. It finances, builds and operates its utility-scale solar farms with the support of over 200 team members, and it has invested over $1.5 billion into solar farms since 2014. Cypress’s philosophy is that the solar farm process only works if it is a “win” for everyone, promoting partnerships with landowners, local communities, regulators, lenders and consumers (utilities, businesses and individuals) to maximize green energy usage as well as create local jobs and community development.

With over 4 gigawatts of local solar farms deployed or in development (enough to power nearly a million homes) across 15 states, Cypress Creek Renewables is the largest and fastest-growing dedicated provider of local solar farms in the United States.

About FLS Energy: FLS Energy is a full-spectrum solar energy company undertaking the exciting challenge of bringing solar to the energy mainstream. Our diverse group of skilled professionals develop, engineer, finance, construct, own and maintain quality solar energy systems.

FLS Energy opened its doors in 2006 and, since then, has successfully developed nearly 100 solar energy projects! Its talented industry-certified teams offer complete in-house system design, engineering and turnkey project development. As a client of FLS, you are guaranteed to receive the same high level of excellence the market has come to expect from FLS Energy associates.

The FLS Energy team provides clients with nearly a decade of solar project development experience that is unmatched in the industry, including innovative investment opportunities that are structured for low-risk and positive returns.

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Jeff McKay
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