Blackstone Provides $150 Million Funding to Solar and Battery Storage Provider Strata
Alternative investment manager Blackstone announced an agreement by its credit division, Blackstone Credit, to provide $150 million of capital to renewable energy company Strata Solar.
Strata is a leading provider of utility-scale solar and battery-energy-storage systems, with an installed capacity of over 2.5GW in solar developments, 4.7GW in the battery storage development pipeline, and over 3GW in its O&M portfolio. According to the companies, the capital will help enable Strata to fund its development capital needs for the next several years, including the development, construction and ownership of utility scale solar and storage assets across North America.
Markus Wilhelm, Chief Executive Officer of Strata, said:
“We are excited to enter into this strategic partnership with Blackstone, a leader in providing flexible and large-scale capital solutions to the renewable energy industry. This partnership positions us exceptionally well to continue to provide high quality, turnkey solutions to our utility and corporate partners.”
Robert Horn, Senior Managing Director and Co-Head of Energy for Blackstone Credit, added:
“Strata has an exceptional track record in providing high quality projects for their customers. We are delighted to begin a long-term partnership with Strata that we believe will help accelerate their growth and provide capital for the development of clean energy projects across North America.”