June 22, 2023
Strata Clean Energy has closed on all installments of tax fairness financing for 2 standalone battery energy storage methods in Vermont.
Strata partnered with United Community Bank (UCB) and Enhanced Capital on an $8.7 million funding for the Georgia and Springfield, Vermont, initiatives, every of which have 5 MW/10 MWh of storage capability. The first installment of financing closed in March, making the websites among the many first standalone storage initiatives to be funded utilizing funding tax credit (ITC) below the Inflation Reduction Act. Both websites have now commenced industrial operations and the ultimate installment of financing has closed.
“Our capital markets team, alongside our partners at Enhanced Capital and United Community Bank, demonstrated unwavering commitment in effectively navigating the investment tax credits associated with the IRA,” mentioned Josh Rogol, president of Strata Clean Energy, “We are looking forward to more financing opportunities using similar strategies, particularly for the Scatter Wash battery storage complex, a 255MW/1GWh site we developed in Phoenix.”
The Georgia and Springfield methods will assist cut back prices and carbon emissions throughout peak energy demand durations. As a part of its quickly rising battery energy storage platform, Strata assumes possession and long-term operational duties for each initiatives.
“The financing for these two battery energy storage systems marks another milestone in our commitment to impactful investments,” mentioned Ed Rossier, managing director and head of local weather finance at Enhanced Capital. “This partnership enables the deployment of innovative energy storage solutions that benefit the grid, the environment, and the community.”
With the addition of the Georgia and Springfield initiatives, Strata has developed over 3.1 GWh of battery energy storage property throughout 13 initiatives and plans to personal and function services nationwide as a part of its impartial power producer technique.
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Tags: batteries, BESS, energy storage, Strata Clean Energy