Clearway closes $550m for solar-plus-storage project in California

Clearway Energy Group has closed $550 million in construction finance and started building its Rosamond South I solar and storage project in Kern County, California.

The project is expected to become operational in 2025 and, with 140 MW of solar generation capacity and 472 MWh of energy storage, will power more than 63,000 homes every year.

“Kern County has long served as a critical provider of our country’s energy,” said Brooks Friedeman, vice president of capital markets at Clearway. “We are pleased to invest in and help continue Kern County’s energy leadership through our Rosamond South solar and storage project, which will provide reliable and low-cost power when needed most.”

Rosamond South 1, which is referred to as Golden Fields Solar IV LLC by its electricity off-takers, holds long-term contracts with several California load-serving entities, including 15-year agreements with utility MCE, The University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority, and City of Moreno Valley.

The project consists of JA Solar modules, Nextracker trackers, and a battery energy storage system provided by Wartsila.

To finance the $550 million construction loan for the solar and storage project, Clearway assembled a bank consortium consisting of Societe Generale, Australia and New Zealand Banking Group Limited, Siemens Financial Services, Commerzbank, CoBank, DNB Bank ASA, and Nord/LB.

Clearway said more than 400 unionized labor jobs will be created during construction, which is being led by engineering, procurement, and construction services contractor McCarthy Building Companies, Inc. Labor partners include Laborers Union 220, the Southwest Regional Council of Carpenters, Operating Engineers Local 12, IBEW Local 428, and Ironworkers Local 416 and Local 433.

The project will bring Clearway’s operating footprint in Kern County to more than 1.5 GW of energy storage, solar, and wind projects which together contribute more than $20 million in property taxes to the county each year.

From pv magazine USA.