Strata Clean Energy closes $559 million financing for battery complex

By Marisa Wong

Los Angeles, Feb. 21 – Strata Clean Energy has closed on a $559 million financing for the construction and ownership of the Scatter Wash battery storage complex, according to a press release.

A consortium of financial institutions collaborated on securing the funding. JPMorgan and Nomura acted as coordinating lead arrangers and joint bookrunners. JPMorgan also acted as administrative agent, depositary agent and collateral agent.

The financing was further supported by U.S. Bancorp Impact Finance and CoBank as coordinating lead arrangers with Korea Development Bank and Norddeutsche Landesbank as joint lead arrangers. Furthermore, Siemens and Regions contributed as lenders in this transformative project, and U.S. Bancorp Impact Finance was also the primary tax equity investor.

The 255-megawatt/1,020-megawatt-hour storage facility broke ground on Jan. 18 and is expected to be operational by April 2025.

Strata is a developer, owner and operator of renewable energy projects. The company has offices in North Carolina, Arizona, New York, Illinois and Colorado.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.