Strata Solar Partners With Blackstone to Fund Utility Scale Solar and Battery Storage Development
Originally published on April 1, 2021
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
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond Blackstone’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect Blackstone’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, Blackstone disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause Blackstone’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in Blackstone’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by Blackstone from time to time with the SEC.
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
Contact
Blackstone
Kate Holderness
Kate.holderness@blackstone.com
917 318 6818
Strata Solar
Brad Ives
Bives@stratasolar.com
919 448 8650
1TEV as of December 31, 2020 or Blackstone exit of investment
