The fund aims to invest in a diverse range of renewable technologies. Credit: Es sarawuth / Shutterstock.
Copenhagen Infrastructure Partners (CIP), through its flagship fund CI V, has acquired the 255MW/1020 megawatt hours (MWh) Scatter Wash standalone battery storage project in Phoenix, in the US state of Arizona.
Strata Clean Energy will continue to serve as the construction and asset manager for the Scatter Wash project.
The project, which commenced construction in early 2024, will commence commercial operations in the first half of 2025.
Strata, with its western headquarters in Phoenix, has a strong presence in the region, and more than 6GW of solar PV and 24 gigawatt hours of battery storage projects under development.
In 2023, Strata Clean Energy secured a 20-year tolling agreement for the Scatter Wash project with Arizona Public Service (APS).
APS is the largest electric utility in Arizona, serving 1.4 million homes and businesses in 11 of the state’s 15 counties.
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The financing for the Scatter Wash project was secured in February 2024 from a consortium of lenders, led by JP Morgan and Nomura.
This included a tax equity commitment from US Bancorp, providing a strong financial foundation for the project’s development.
CIP North America partner and head Tim Evans said: “Standalone storage will play an important role in addressing the rapidly growing energy capacity needs in the US Southwest, enabling the decarbonisation of Arizona’s power grid while maintaining reliability.
“CIP has a strong track record of developing, owning and operating renewable energy projects across the United States, and we are delighted to have partnered with Strata on the transaction.”
With a target size of €12bn, CIP’s fifth flagship fund CI V is set to become the largest of its kind globally.
The fund aims to invest in a diverse range of renewable technologies, including wind, solar photovoltaic and energy storage, across Europe, North America and Asia Pacific.
Strata Clean Energy chief executive Markus Wilhelm said: “Strata is committed to developing solutions that meet or exceed our partners’ goals by providing reliable access to renewable energy at competitive prices.
“Our relationship with CIP will give us an unrivalled ability to execute on that commitment for the Scatter Wash project, enabling us to realize the clean energy goals for Arizona customers.”
In early 2024, CIP and China Steel Corporation inaugurated the 300MW Zhong Neng offshore wind farm in Taiwan.
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Publish date : 2024-09-25 21:06:00
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