Strata Solar Partners With Blackstone to Fund Utility Scale Solar and Battery Storage Development
DURHAM, N.C., February 9, 2022 /3BL Media/ - Strata Solar (Strata) announced that it has entered into an agreement with Blackstone (NYSE:BX) through Blackstone Credit and its affiliates to provide Strata with $150 million of capital to help fund development, construction and ownership of utility scale solar and storage assets across North America. Strata is a leading provider of utility-scale solar and battery-energy-storage systems with 400+ employees and has installed more than 2.5 GW of capacity over the past 10+ years. The funding provided by Blackstone, together with existing capital sources, will help enable Strata to fund its development capital needs for the next several years.
“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,” said Markus Wilhelm, Chief Executive Officer of Strata. “This partnership positions us exceptionally well to continue to provide high quality, turnkey solutions to our utility and corporate partners.”
“Strata has an exceptional track record in providing high quality projects for their customers,” said Robert Horn, Senior Managing Director and Co-Head of Energy for Blackstone Credit. “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.”
Blackstone was advised by Watt Asset Management, LP and King and Spalding, and Strata was advised by Nixon Peabody.
Forward Looking Statements
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About Strata Solar
Strata Solar is a leading provider of utility-scale solar and battery-energy-storage systems. Strata currently has 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. The company’s vertically-integrated approach, which includes development, financing, engineering, procurement, construction, and operations and maintenance, allows Strata to consistently develop and build highly profitable, clean-energy projects for clients with long-term ownership in mind.
About Blackstone Credit
Blackstone Credit is the credit division of Blackstone, one of the world’s leading investment firms. Blackstone Credit is one of the largest credit-focused asset managers, with $154 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone has acquired, built or financed renewable energy assets representing a total enterprise value of over $13 billion.1
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1TEV as of December 31, 2020 or Blackstone exit of investment