Strata Clean Energy has successfully closed on all instalments of tax equity financing for two US standalone battery energy storage systems.
Strata partnered with United Community Bank (UCB) and Enhanced Capital on an $8.7 million investment for the Georgia and Springfield Vermont projects, each of which have 5MW/10MWh of storage capacity.
The first instalment of financing closed in March, making the sites among the first standalone storage projects to be funded using investment tax credits under the Inflation Reduction Act. Both sites have now commenced commercial operations and the final instalment of financing has closed.
Clayton Summers, renewable energy finance team lead at United Community Bank, said: â€œWeâ€™ve enjoyed partnering with both the Strata Clean Energy and Enhanced Capital teams during the process and are excited about future partnership opportunities to deliver clean energy solutions that benefit the public and serve our communities.â€
Josh Rogol, president of Strata Clean Energy,said: â€œWe 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.”
With the addition of the Georgia and Springfield projects, Strata has developed over 3.1 GWh of battery energy storage assets across 13 projects.