Strata Refinances and Expands Existing Revolving Credit Facility with Zions Capital Markets to $170 Million
Durham, NC Strata Clean Energy today announced the renewal and expansion of a $170MM credit facility with Zions Bancorporation (NASDAQ: ZION) as the Coordinating Lead Arranger and Regions Bank (NYSE: RF) as the Joint Lead Arranger. This partnership with Zions, Regions and a syndicate of banks (CIT Bank, Rabobank, First Horizon Bank, National Cooperative Bank, and United Community Bank) provides Strata working capital to fund Strata’s future growth initiatives and general corporate purposes.
As a leading provider of utility-scale solar and battery energy storage, Strata has installed more than 2.6GW of clean energy over the last 10 years and currently has over 14GW in its development pipeline. The additional working capital will allow Strata to significantly grow its existing IPP through both greenfield development and asset purchases.
“Strata is excited to continue expanding this partnership which affirms our ongoing success. The expansion of this credit facility advances our financial strategies designed to support innovative and cost effective clean-energy solutions for our customers,” said Jimmy Chuang, Chief Financial Officer at Strata Clean Energy. “Along with Strata’s recently announced $150 million credit facility with Blackstone, this revolver provides us with a robust liquidity position to fund our growth initiatives for both the development and IPP segments.”
“We are pleased that the Strata Clean Energy team has continued to entrust us with leading this important financing, which will support their ongoing growth across the renewable energy sector” said Robert Park, Head of Power & Project Finance at Zions Capital Markets.
About Strata Clean Energy Strata Clean Energy is a leading provider of utility-scale solar and battery energy storage systems. Strata currently has 2.6GW of installed capacity, 14GW in the 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 Zions Bancorporation Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.8 billion in 2020 and more than $85 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending, recently ranking as the tenth largest provider in the U.S. of the SBA’s Paycheck Protection Program loans. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com. Zions Capital Markets is a trade name for certain business activities of Zions Bancorporation and its subsidiaries. Information about Zions Capital Markets can be accessed at zionscapitalmarkets.com.
