Renewables developer Clearway Energy Group has closed a US$550 million financing facility for a 140MW solar-plus-storage project in California.
Construction of the Rosamond South I project—located in Kern County—has already started, which will have a 118MW battery energy storage system (BESS). It is expected to reach commercial operations in 2025 and will bring the developer’s portfolio in Kern County to over 1.5GW of solar PV, wind and energy storage.
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Engineering, procurement and construction (EPC) contractor McCarthy Building Companies is completing the construction of the project.
The project has secured long-term power purchase agreements (PPAs) with several California load-serving entities such as MCE, the University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority and the city of Moreno Valley.
Construction financing has been secured by a bank consortium consisting of Société Generale, Australia and New Zealand Banking Group Limited Siemens Financial Services, Commerzbank, CoBank, DNB Bank ASA and Nord/LB.
This is the latest financing secured by Clearway, which closed a US$700 million construction financing last month. The previous construction financing was also for a solar and storage portfolio in California with a combined solar capacity of 682MW and an energy storage output of 507.5MW.
In the state of California, the renewables developer has put over 2.3GW of solar and storage projects into construction and operation in the past five years. Along with Texas, California was one of the leading states in the US in added PV capacity for the first half of 2024, with the two states accounting for 28% of new PV added in the country.
