US solar and storage developer Strata Clean Energy has secured a US$300 million revolving loan and letter of credit facility to develop its diversified project pipeline of over 17GW.
Strata said that the funds will directly support the development, construction and operation of its renewables generation, energy storage and power-to-X portfolio, as well as provide capital for the growth of its independent power producer (IPP) business model via its engineering, procurement and construction (EPC) and operations & maintenance (O&M) divisions.
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Financing was led by Nomura Securities International acting as sole coordinating lead arranger with First Citizens Bank and ING Capital as joint lead arrangers. The loan complies with Green Financing Framework principles.
“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. “The support of our financial partners is instrumental in propelling us forward as a leading fully-integrated cleantech platform, offering a comprehensive one-stop solution for development through construction, with an unwavering commitment to quality.”
Strata focuses its operations on utility-scale projects and has signed off on over 270 solar and storage sites to date. In November last year, Strata made a full acquisition of Arizona-based Crossover Energy Partners and its assets, a renewable energy solutions company that offers services across the development, financing, construction and operations of renewables projects.