Clearway Energy closes $700 mn in construction finance for solar + storage projects in California

Leading US clean energy developer Clearway Energy Group announced it had closed $700 million in construction financing for a portfolio of solar and battery storage projects located in California, USA.

The financing was secured from a bank consortium comprising Nord/LB, Société Générale, KeyBanc Capital Markets, DNB and ANZ, the company said in a release.

Post financing, the company said it has begun construction on two major energy projects, in the Fresno and San Bernardino counties in California.

In Fresno County, Clearway is setting up a 200 MW solar project named Luna Valley which will generate enough electricity to power more than 80,000 homes every year when complete, the company said.

In San Bernardino County, the company is setting up a 113.5 MW standalone battery energy storage system (BESS) "Daggett Storage" while completing the final phase of the 482 MW Daggett Solar + 394 MW battery storage complex.

Both projects are expected to reach commercial operations in 2025. Clearway announced it had already secured a 15-year virtually paired hybrid power purchase agreement (PPA) with San Diego Gas & Electric for both projects.

The remaining capacity of the Luna Valley PV plant has been contracted under a 20-year PPA with Southern California Edison and Power & Water Resources Pooling Authority, it said.

Clearway claims to be a 'leading catalyst' in transforming California's clean energy economy, putting more than 2,300 MW of solar + storage projects into construction and operation over the last 5 years in the Golden State alone.