Clearway closes US$700 million financing on California solar and storage portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
Construction of the solar PV and BESS projects is underway, and commercial operations for both are expected in 2025. Image: Clearway Energy Group.

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

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.

Read Next

October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 6, 2025
Rajasthan government will develop 500MW/2,000MWh of standalone battery energy storage systems (BESS) with a four-hour single-cycle configuration and extended operational life.
September 30, 2025
SynergyRED, a wholly owned subsidiary of Synergy, has submitted a development application for a 2GW hybrid renewable energy project in Western Australia's Mid-West Region.
Premium
September 26, 2025
CALSSA's Kevin Luo spoke with PV Tech Premium exclusively on the association’s complaint about slow approval practices in California.
September 25, 2025
Spanish renewables developer X-Elio has commissioned its first solar-plus-storage project in the US, which comprises of 72MW solar PV.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK