Strata Clean Energy has closed on $559 million in financing for the construction and ownership of the Scatter Wash battery storage complex, a 255 MW storage facility that broke ground last month and is expected to be operational by the middle of next year.
“The successful financing for the Scatter Wash battery storage complex marks a significant step forward in our mission to drive the transition to clean energy,” says Markus Wilhelm, CEO of Strata Clean Energy. “This opportunity to collaborate with our financing partners to bring this critical project to fruition will create a lasting, sustainable impact on a region that struggles with grid challenges and extreme heat.”
The Scatter Wash complex will store enough electricity to power 50,000 Arizona homes during peak summer conditions for 20 years, adds the company.
Last May, Strata signed a 20-year tolling agreement with Arizona Public Service on the 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 transformative project. U.S. Bancorp Impact Finance was also the primary tax equity investor.
