Strata Clean Energy Secures $559M for Energy Storage Complex

29 Feb 2024 CW Team

Strata Clean Energy, a leading developer, owner, and operator of renewable energy projects, announced the successful procurement of $559 million in financing for its Scatter Wash energy storage complex. The project, with a capacity of 255 MW/1,020 MWh, commenced construction on January 18 and is slated for operational status by April 2025. Financial institutions collaborated to provide the necessary funding, with J.P. Morgan and Nomura serving as Coordinating Lead Arrangers and Joint Bookrunners.

Matrix Renewables, backed by TPG Rise, secured $283 million in construction-to-term loan financing for a 260 MW solar project in Idaho. Additionally, the company finalized a production tax credit transfer agreement. MUFG led the debt transaction as a coordinated lead arranger, with support from other institutions including HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho.

Arevon Energy achieved a significant milestone by securing over $1 billion in aggregate funding commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. The project, comprising a 374 MWdc solar component coupled with 150 MW/600 MWh of energy storage, is currently in early-stage construction, aiming for commercial operations in Q1 2025. Funding includes a $431 million tax equity commitment from Wells Fargo and $654 million in debt funding.

TagEnergy, focusing on competitive generation and storage assets, closed financial arrangements for the Pitkevy facility in Fife, Scotland, with a non-recourse green loan package of up to ?70 million (~$88.35 million). Lenders Santander UK, Rabobank, and Triple Point provided the financing on a full merchant basis.

NorthRenew Energy announced the sale of its Arco wind and solar project in Idaho to PacifiCorp, with construction set to begin in 2025 and commercial operations planned for late 2026. The project boasts a total capacity of over 300 MW and spans Bingham and Bonneville counties.

Highfield Solar secured a Rs.65 million (~$70.45 million) debt facility for its Gaskinstown solar project in Ireland, following its Rathnaskilloge project in December 2023. Co'peratieve Rabobank U.A. provided the financing for the 93 MW project located near Duleek village in Meath County.

These financing milestones underscore the growing momentum in renewable energy development, signaling a promising outlook for clean energy adoption and sustainability initiatives globally.

In a significant push for renewable energy initiatives, several prominent project developers have secured substantial financing totaling over $2 billion for various clean energy projects across the globe. Strata Clean Energy, a leading developer, owner, and operator of renewable energy projects, announced the successful procurement of $559 million in financing for its Scatter Wash energy storage complex. The project, with a capacity of 255 MW/1,020 MWh, commenced construction on January 18 and is slated for operational status by April 2025. Financial institutions collaborated to provide the necessary funding, with J.P. Morgan and Nomura serving as Coordinating Lead Arrangers and Joint Bookrunners. Matrix Renewables, backed by TPG Rise, secured $283 million in construction-to-term loan financing for a 260 MW solar project in Idaho. Additionally, the company finalized a production tax credit transfer agreement. MUFG led the debt transaction as a coordinated lead arranger, with support from other institutions including HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho. Arevon Energy achieved a significant milestone by securing over $1 billion in aggregate funding commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. The project, comprising a 374 MWdc solar component coupled with 150 MW/600 MWh of energy storage, is currently in early-stage construction, aiming for commercial operations in Q1 2025. Funding includes a $431 million tax equity commitment from Wells Fargo and $654 million in debt funding. TagEnergy, focusing on competitive generation and storage assets, closed financial arrangements for the Pitkevy facility in Fife, Scotland, with a non-recourse green loan package of up to ?70 million (~$88.35 million). Lenders Santander UK, Rabobank, and Triple Point provided the financing on a full merchant basis. NorthRenew Energy announced the sale of its Arco wind and solar project in Idaho to PacifiCorp, with construction set to begin in 2025 and commercial operations planned for late 2026. The project boasts a total capacity of over 300 MW and spans Bingham and Bonneville counties. Highfield Solar secured a Rs.65 million (~$70.45 million) debt facility for its Gaskinstown solar project in Ireland, following its Rathnaskilloge project in December 2023. Co'peratieve Rabobank U.A. provided the financing for the 93 MW project located near Duleek village in Meath County. These financing milestones underscore the growing momentum in renewable energy development, signaling a promising outlook for clean energy adoption and sustainability initiatives globally.