US utility-scale solar and battery storage provider Strata Clean Energy LLC has obtained USD 300 million (EUR 279.2m) in debt financing to support the further development of its 17-GW project pipeline.
Nomura Securities International Inc is the issuer of a revolving loan and letter of credit facility to Strata, the Durham, North Carolina-based platform said on Monday. First Citizens Bank and ING Capital acted as joint lead arrangers for the transaction, as part of a consortium with five other lenders.
The fresh capital will be allocated for the development, construction, and operation of Strata’s renewable energy, energy storage, and power-to-X projects, with a portion of the proceeds to go for the working capital needs of its engineering, procurement and construction (EPC) and operations and maintenance (O&M) divisions. According to the statement, around 8.4 GW of the capacity in the pipeline is from solar projects, which will add to an installed fleet of 3 GW of solar and 3.2 GW of battery storage assets.
“This facility strengthens Strata’s liquidity position and enables us to drive forward with groundbreaking and economically viable renewable initiatives in markets nationwide,” said Alice Heathcote, CFO of Strata Clean Energy.
(USD 1.0 = EUR 0.931)