Strata Clean Energy (Strata), a developer, owner, and operator of renewable-energy projects, has closed on a $559 million financing for the construction and ownership of the Scatter Wash battery-storage complex in Arizona. The 255 megawatts/1,020 megawatt per hours storage facility broke ground on Jan. 18 and is expected to be operational by April 2025.
A consortium of leading financial institutions collaborated to secure the necessary funding for this project. J.P. Morgan and Nomura acted as coordinating lead arrangers and joint bookrunners. J.P. Morgan also fulfilled roles 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 The Korea Development Bank and Norddeutsche Landesbank as joint lead arrangers. Siemens and Regions contributed as lenders in this project, and U.S. Bancorp Impact Finance was also the primary tax-equity investor.
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