Leading integrated solar and storage service provider expands capabilities with origination and offtake expertise
Strata Clean Energy (Strata), a nationwide provider of utility-scale clean energy projects, today announced its acquisition of Phoenix-based Crossover Energy Partners (Crossover), a clean energy solutions company experienced in developing end-to-end energy transition products for utilities and large energy users. This acquisition expands Strata's offerings and execution capabilities by incorporating Crossover's customer origination and power offtake competencies and other proficiencies that deliver on renewable energy initiatives, decarbonization strategies, and the development of new technologies like green hydrogen.
"Strata's acquisition of Crossover bolsters our ability to bring high-value energy solutions to our clients across several market segments and geographies," said Joshua Rogol, Chief Development Officer for Strata. "The Crossover team has a well-defined track record of innovative product development and financing of differentiated power offtake structures. The combination of our platforms will be valuable to Strata as we grow our development pipeline to over 15GWs this year."
The acquisition will enhance Strata's robust growth, leveraging key Crossover relationships with numerous clients such as municipalities, co-ops, community choice aggregators (CCAs), investor-owned utilities (IOUs), and large industrial entities. These relationships strengthen Strata's presence as a leading utility-scale solar and battery storage provider.
"Crossover's track record illustrates the importance of product design and offtake origination to maximize value for renewable projects. Combining our team with the expert development capabilities at Strata will be a win-win and an evolution that our entire team is looking forward to," said Tiago Sabino Dias, CEO of Crossover.
While specifics of the deal remain confidential, Strata is purchasing 100% of Crossover's assets and interest in its development platform. Sabino Dias and President Michael Grunow will take on senior roles within Strata, and all Crossover employees will merge with the Strata platform, focusing on bringing Strata projects to market.
About Strata Clean Energy
Strata Clean Energy, LLC, and its affiliates (collectively "Strata") are a vertically integrated solar and storage development, engineering, procurement, and construction (EPC) and operations & maintenance (O&M) company. Strata has deep utility experience with more than 170 projects in operation, nearly 8 gigawatts of PV solar and 25GWh of standalone storage in development, and 4.2GW under management across the United States. Strata is focused on delivering best-in-class cost of ownership by imposing industry-leading quality assurance standards on our global manufacturers and suppliers, reducing risk, increasing efficiency, and maximizing cost-competitiveness for our customers. Learn more about our company by visiting our website at www.stratacleanenergy.com.
About Crossover Energy Partners
Crossover Energy Partners supports renewable energy initiatives and decarbonization goals for municipalities, co-ops, community choice aggregations (CCAs), investor-owned utilities (IOUs), and large industrial entities by developing and executing innovative renewable solutions exceeding economic and sustainability objectives. Crossover Energy Partners provides clean energy transition solutions to leading investment firms by bringing the expertise needed for the origination, development, construction, financing, and long-term operation of clean energy projects, including utility-scale solar, solar + storage, stand-along storage, and wind. For more information, follow us on LinkedIn at www.linkedin.com/company/crossover-energy-partners
View source version on businesswire.com: https://www.businesswire.com/news/home/20221115005643/en/
Contacts
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
strata@mercomcapital.com
