Simpson Thacher represented JPMorgan Chase Bank, N.A. in connection with a construction and term loan facility, a tax equity bridge loan facility and related letter of credit facilities totaling approximately $574 million for the construction and operation of the 255MW/1,020MWh Scatter Wash battery energy storage system (BESS) project being developed by Strata Clean Energy. The financing closed on February 9, 2024. The BESS project is located in Phoenix, Arizona and is expected to become operational in 2025 and will provide energy to utility Arizona Public Service (APS) under a 20-year tolling agreement.
Strata Clean Energy is a vertically integrated Solar and Storage development, EPC, and O&M company with over 270 solar and storage projects completed. Strata has offices in North Carolina, Arizona, New York, Illinois, and Colorado.
The Simpson Thacher team for the transaction included Matthew Einbinder, Amy Beller, Tina Zheng, Sara Asrat and Caroline Toohey (Banking and Credit); Tim Gallagher (Real Estate); Jonathan Goldstein, Michael Slomovics and Eli Shalam (Tax); Michael Isby (Environmental); and Jeanne Annarumma (ERISA).