California-based civil engineering firm Sukut was hired by construction contractor McCarthy Building Companies for the clearing and grading of the solar project. Source: Sukut
Clearway Energy Group has closed debt financing for the 192MW Rosamond Central solar project in Kern County, California.
On Wednesday, the renewables developer said that construction of the plant by McCarthy Building Companies will be finished by the end of the year.
Rosamond Central is contracted to a number of municipalities and community choice aggregators (CCA), through deals including 15-year agreements with East Bay Community Energy (for 112MW of power) and the Clean Power Alliance (40MW).
“Who says big renewables can’t get financed by CCAs???” Nick Chaset, CEO of East Bay Community Energy, tweeted on Wednesday. “Congrats to Clearway Energy team and East Bay Community Energy teams for getting this done.”
Clearway claims to already operate 947MW of renewable energy assets in Kern County, racking up approximately US$20 million on local property taxes annually.
German bank NordLB acted as the coordinating lead arranger for the debt financing, while Utah’s Zions Bank and California's CIT were joint lead arrangers.
CIT recently arranged US$200 million in financing for Clearway for a 76MW portfolio of community solar assets spread across Illinois, Massachusetts, Minnesota and New York.
The developer is also active in Hawaii. In September, the company commissioned three grid-scale solar power projects on the island of O'ahu.
The North Rosamond solar project, sold by Clearway to Duke Energy Renewables last year, came online in June.
The prospects and challenges of solar's new era in the US will take centre stage at Large Scale Solar USA 2020 (Austin, Texas, on 23-24 June 2020).
Jan 20, 2021 GMT
Virtually all PV modules for large-scale utility-based solar sites are imported to the US, especially from Chinese companies using manufacturing sites across Southeast Asia. This puts extreme pressure on US site developers, EPCs and investors, in understanding fully the differences between the companies offering imported PV modules How credible are the companies supplying the products? What is the financial health of the parent entity? Where is the module produced, and is this undertaken in-house or through third-party OEMs? What is the supply-chain for the module sub-components including wafers and cells? And then, how will the modules perform in the field, and is it possible to gauge reliability levels benchmarked against competitors? This webinar will provide insights from two of the leading experts in PV module manufacturing, supply, performance and reliability: Jenya Meydbray of PV Evolution Labs and Finlay Colville from PV-Tech. The 1-hour session will include presentations from Jenya and Finlay, and then a brand-new supplier scorecard matrix that combines the key outputs from PVEL's Module Reliability Scorecard and PV-Tech's PV ModuleTech Bankability Ratings, with specific focus on module supply and use in the US market.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.