Strata Clean Energy has closed on all installments of tax equity financing for two standalone battery energy storage systems in Vermont.
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 5 MW/10 MWh of storage capacity. The first installment of financing closed in March, making the sites among the first standalone storage projects to be funded using investment tax credits (ITC) under the Inflation Reduction Act. Both sites have now commenced commercial operations and the final 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,” said 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 systems will help reduce costs and carbon emissions during peak energy demand periods. As part of its rapidly growing battery energy storage platform, Strata assumes ownership and long-term operational responsibilities for both projects.
“The financing for these two battery energy storage systems marks another milestone in our commitment to impactful investments,” said Ed Rossier, managing director and head of climate 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 projects, Strata has developed over 3.1 GWh of battery energy storage assets across 13 projects and plans to own and operate facilities nationwide as part of its independent power producer strategy.
— Solar Builder magazine
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