Strata Clean Energy to Purchase Crossover Energy Partners
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Strata Clean Energy to Purchase Crossover Energy Partners

By CIOReview | Tuesday, January 3, 2023

Provider of integrated solar and storage services adds expertise in origination and offtake.

FREMONT, CA: "Strata's acquisition of Crossover bolsters our ability to bring high-value energy solutions to our clients across several market segments and geographies,” says Joshua Rogol, Chief Development Officer for Strata. Strata Clean Energy (Strata), a national provider of utility-scale clean energy projects, has purchased Crossover Energy Partners (Crossover), a Phoenix-based provider of clean energy solutions with experience 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 competencies that support renewable energy initiatives, decarbonization strategies, and the development of new technologies such as green hydrogen.

“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,” adds Rogol.

Strata Clean Energy, LLC and its affiliates (collectively "Strata") are a vertically integrated solar and storage development, EPC, and O&M company. With over 170 projects in operation, 8 gigawatts of PV solar and 25GWh of standalone storage in development, and 4.2GW under management in the US, Strata has extensive utility experience. By enforcing industry-leading quality assurance requirements on our worldwide manufacturers and suppliers, Strata reduces risk, increases efficiency, and maximizes cost-competitiveness for our customers, delivering best-in-class cost of ownership.

Crossover Energy Partners develops and implements innovative renewable solutions that surpass economic and sustainability goals for municipalities, co-ops, community choice aggregations (CCAs), investor-owned utilities (IOUs), and big industrial enterprises. Crossover Energy Partners helps premier investment firms create, build, finance, and operate clean energy projects like utility-scale solar, solar Plus storage, stand-along storage, and wind.

The acquisition would enhance Strata's rapid development by utilizing significant Crossover relationships with various clients, including municipalities, co-ops, community choice aggregators (CCAs), and investor-owned utilities (IOUs). These partnerships boost Strata's position 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.

Strata will acquire 100 percent of Crossover's assets and stake in its development platform, with the terms of the transaction remaining undisclosed. Sabino Dias and Michael Grunow, the president of Strata, will assume key positions inside Strata, and all Crossover workers will integrate with the Strata platform and focus on bringing Strata initiatives to market.