Strata Clean Energy, a developer, owner, and operator of renewable energy projects, has closed on $559 million financing for the construction and ownership of the Scatter Wash battery storage complex. The 255 MW/1020 MWh storage facility broke ground on 18 January and is expected to be operational by April 2025.
A consortium of leading financial institutions, led J.P. Morgan and Nomura acted as Co-ordinating Lead Arrangers and Joint Bookrunners, collaborated to secure the necessary funding. Siemens and Regions Financial Corp contributed as lenders to the project.
“This opportunity … will create a lasting, sustainable impact on a region that struggles with grid challenges and extreme heat" commented Markus Wilhelm, CEO of Strata Clean Energy.
The Scatter Wash battery storage complex should be able to store enough electricity to power 50 000 Arizona homes during peak summer conditions for 20 years, aiding grid stability and streamlining the incorporation of renewable energy sources in Arizona. In May 2023, Strata entered into a 20-year tolling agreement with Arizona Public Service, cementing its commitment to this initiative.
Image: Strata Clean Energy President Josh Rogol (third from left) breaks ground on the Scatter Wash battery storage complex (courtesy of Strata Clean Energy)
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