Renewables developer Clearway Energy Group has closed a US$700 million construction financing on a portfolio of solar and storage projects in California, US.
The construction financing was secured by a bank consortium consisting of Nord/LB, Société Générale, KeyBanc Capital Markets, DNB and ANZ.
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Clearway has also started construction on the two projects, a solar PV and a standalone battery energy storage system (BESS), located in the Californian counties of Fresno and San Bernadino.
The Solar PV plant in Fresno – the Luna Valley Solar Project – has a 200MW capacity, while the Dagget storage in San Bernadino has an output of 113.5MW. The storage project in San Bernadino is the final phase of a solar-plus-storage with a PV capacity of 482MW and a storage output of 394MW.
Both projects are expected to reach commercial operations in 2025, while construction is carried out by renewables contractor Blattner Energy.
Moreover, the company has already secured a 15-year virtually paired hybrid power purchase agreement (PPA) with utility San Diego Gas & Electric for both projects. The remaining capacity of the Luna Valley PV plant is contracted under a 20-year PPA with utilities Southern California Edison and Power & Water Resources Pooling Authority.
“Luna Valley and Daggett 1 represent two major steps forward in California’s path to a reliable, affordable, and clean electric grid,” said Brooks Friedeman, VP of capital markets at Clearway.
In the past five years, the renewables developer has put over 2.3GW of solar and storage projects into construction and operation in California.
