Strata Clean Energy Secures $559M for Energy Storage Complex
POWER & RENEWABLE ENERGY

Strata Clean Energy Secures $559M for Energy Storage Complex

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.

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.

Next Story
Infrastructure Urban

Canal Water Boost for Mudki

In a significant push for public health and urban development, MLA Rajneesh Dahiya has announced a Rs.280 million canal water supply project for Mudki town in the Ferozepur Rural constituency. The initiative aims to provide clean drinking water to every household within Mudki’s municipal limits. Speaking about the development, Dahiya said the project falls under the Centre’s AMRUT (Atal Mission for Rejuvenation and Urban Transformation) scheme and is being carried out with the support of Punjab Chief Minister Bhagwant Singh Mann and Local Government Minister Dr. Inderbir Nijjar. “This ..

Next Story
Infrastructure Transport

6 Tunnel Boring Machines Idle in Chennai

Six tunnel boring machines (TBMs) deployed by the Chennai Metro Rail Limited (CMRL) are currently lying idle beneath city roads, stuck in limbo due to delayed construction of underground stations at Moolakadai, Perambur, and Mandaveli. The TBMs, launched as part of Corridor 3 of the Phase II Metro project from Madhavaram to SIPCOT, have reached their designated stations but are unable to proceed as the station boxes are incomplete. Without a completed diaphragm wall or station box, the machines cannot break through or be dismantled for reuse. According to CMRL officials, the root of the dela..

Next Story
Infrastructure Transport

Mumbai Metro 3 Nears Launch

The Mumbai Metro Rail Corporation shared a sneak peek of the newly completed Acharya Atre Chowk station on Metro Line 3 (Aqua Line) this Sunday, drawing both praise and impatience from the public. Located on the 9.77 km stretch between Bandra Kurla Complex (BKC) and Worli, the underground station is part of a long-anticipated corridor that promises to ease traffic and boost east-west connectivity. The social media update, posted by the handle @MumbaiMetro3, featured images of the station’s sleek new interiors. But the post quickly sparked a flurry of comments, with several users demanding c..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?