Clearway secures $700m debt for California solar, storage projects
- Clearway Energy Group secures $700M financing for 200MW solar park and battery storage in California, benefiting San Diego Gas & Electric and Southern California Edison.
Clearway Energy Group has secured a USD-700-million construction financing deal to build a 200-MW solar park and battery storage system in California. The Luna Valley PV project in Fresno County and the Daggett Standalone battery storage site in San Bernardino County will benefit from this funding. The lending consortium includes Nord/LB, Societe Generale, KeyBanc Capital Markets Inc, DNB, and ANZ.
San Diego Gas & Electric has 15-year contracts to purchase solar power and energy storage from the projects. The remaining output from the Luna Valley PV park will be sold to Southern California Edison and Power & Water Resources Pooling Authority. The solar park and energy storage facility are expected to be operational by 2025, with the capacity to power over 80,000 homes annually.
What are the details of Clearway Energy Group's USD-700-million construction financing deal?
- Clearway Energy Group has secured a USD-700-million construction financing deal to build a 200-MW solar park and battery storage system in California.
- The funding will support the development of the Luna Valley PV project in Fresno County and the Daggett Standalone battery storage site in San Bernardino County.
- The lending consortium for this project includes Nord/LB, Societe Generale, KeyBanc Capital Markets Inc, DNB, and ANZ.
- San Diego Gas & Electric has signed 15-year contracts to purchase solar power and energy storage from the projects.
- The remaining output from the Luna Valley PV park will be sold to Southern California Edison and Power & Water Resources Pooling Authority.
- The solar park and energy storage facility are expected to be operational by 2025, with the capacity to power over 80,000 homes annually.