Clearway Energy Group, a developer specializing in renewable energy, has finalized a financing arrangement totaling US$550 million for a solar-plus-storage project with a capacity of 140MW in California. This significant financial milestone underscores Clearway Energy Group’s commitment to advancing sustainable energy solutions and underscores the continued growth of renewable energy projects in the region.
The Rosamond South I project, situated in Kern County, is currently under construction and will feature a 118MW battery energy storage system (BESS). Anticipated to commence commercial operations in 2025, this project will significantly enhance the developer’s portfolio in Kern County, expanding it to over 1.5GW of solar PV, wind, and energy storage assets. This development underscores the developer’s ongoing commitment to advancing renewable energy infrastructure in the region and highlights the increasing integration of energy storage solutions in the renewable energy sector.
McCarthy Building Companies, the engineering, procurement, and construction (EPC) contractor, is in the final stages of completing the project’s construction.
The project has successfully obtained long-term power purchase agreements (PPAs) with multiple California load-serving entities, including MCE, the University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority, and the city of Moreno Valley.
The construction financing has been secured through a consortium of banks, including Société Générale, Australia and New Zealand Banking Group Limited, Siemens Financial Services, Commerzbank, CoBank, DNB Bank ASA, and Nord/LB.
This marks Clearway’s most recent financing achievement, following the closure of a $700 million construction financing last month. The prior financing was also designated for a solar and storage portfolio in California, boasting a total solar capacity of 682MW and an energy storage capacity of 507.5MW.
Over the last five years, the renewable energy developer has initiated construction and operation of more than 2.3GW of solar and storage projects in California. California, alongside Texas, emerged as a prominent state in the United States for additional PV capacity during the first half of 2024, collectively representing 28% of the country’s new PV installations.
