Strata Clean Energy has closed on $559 million in financing for the construction and ownership of the Scatter Wash battery storage complex, a 255 MW storage facility that broke ground last month and is expected to be operational by mid-next year.
“The successful financing for the Scatter Wash battery storage complex marks a significant step forward in our mission to drive the transition to clean energy,” says Markus Wilhelm, CEO of Strata Clean Energy. “This opportunity to collaborate with our financing partners to bring this critical project to fruition will create a lasting, sustainable impact on a region that struggles with grid challenges and extreme heat.”
The Scatter Wash complex will store enough electricity to power 50,000 Arizona homes during peak summer conditions for 20 years, adds the company. Last May, Strata signed a 20-year tolling agreement with Arizona Public Service on the project.
J.P. Morgan and Nomura acted as coordinating lead arrangers and joint bookrunners. J.P. Morgan also fulfilled roles as administrative agent, depositary agent and collateral agent. The financing was further supported by U.S. Bancorp Impact Finance and CoBank as coordinating lead arrangers with The Korea Development Bank and Norddeutsche Landesbank as joint lead arrangers. Siemens and Regions contributed as lenders in this transformative project. U.S. Bancorp Impact Finance was also the primary tax equity investor.
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Strata Secures $559 Million Financing for 1 GWh Arizona BESS Project
Renewable Energy
The Positive Effects We’ve Had on Others Are Profound, Whether We Know It or Not
There’s a theory that most people underestimate the positive effects they’ve had on other people.
Yes, that’s the theme of “It’s a Wonderful Life,” but it’s also the core of the 1995 film “Mr. Holland’s Opus,” in which a music teacher who deemed that his life had been a failure because he never completed writing a great symphony, is gently and beautifully corrected. Please see below.
The Positive Effects We’ve Had on Others Are Profound, Whether We Know It or Not
Renewable Energy
Renewable Energy Concepts Can’t Violate the Laws of Physics
In the early days of 2GreenEnergy, my people and I were vigorously engaged in finding solid ideas in cleantech that needed funding in order to move forward.
I vividly remember a conversation with a guy in Maryland who was trying to explain the (ostensible) breakthrough that he and his team had made in hydrokinetics. When I was having trouble visualizing what we was talking about, he asked me to “think of it as a river in a box.”
“Oh!” I exclaimed. “You mean you take a box full of standing water, add energy to it get it moving, then extract that energy, leaving you with more energy that you added to it.”
“Exactly.”
I politely explained that the laws of physics, specifically the first and second laws of thermodynamics, make this impossible.
He wasn’t through, however, and insisted that, in his office, his people had constructed a “working model.”
Here’s where my tone descended into something less than 100% polite. I told him that he may think he has a working model, but he’s wrong; if he believes this, he’s ignorant; if he doesn’t, but is conducting this conversation anyway, he’s a fraud.
“But don’t you want to come see it?” he implored.
“No. Not only would not fly across the country to see whatever it is you claim to have built, I wouldn’t walk across the street to a “working model” of something that is theoretically impossible.”
—
I tell this story because the claim made at the upper left is essentially identical. You’re pumping water up out of a stream, and then claiming to extract more energy when the water flows back into the stream.
Of course, social media today is rife with complete crap like this. We’ve devolved to a point where defrauding money out of idiots is rapidly replacing baseball as our national pastime.
Renewable Energy
What Canada Has that the U.S. Doesn’t
Until recently, I would have moose, maple syrup, and frozen tundra.
Now I would say: decency, honesty, and class.
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