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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

Premium
August 6, 2025
PV Talk: LevelTen’s Andrés Acosta discusses how an oversupply of clean projects is shaping Europe’s PPA market.
August 5, 2025
Utility AES Andes has started construction on two renewable energy projects in Chile, with a combined 1.3GW of capacity.
August 1, 2025
Independent power producer GoldenPeaks Capital has reached commercial operations on a 92MW solar PV portfolio in Hungary.
August 1, 2025
Western Australia network operator Western Power has confirmed it has granted two more network connection offers to two new large-scale renewable energy projects, bringing its total for 2024/25 to 759MW.
July 28, 2025
Australia’s Clean Energy Finance Corporation (CEFC) has announced it has invested a record AU$4.7 billion (US$3.09 billion) in large-scale renewables, energy storage, and transmission projects during the 12-month period ending 30 June 2025.
July 25, 2025
The US state of New York expects to install 35GW of solar PV and 9.4GW of battery energy storage system (BESS) by 2040.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK