Clearway shuts funding on 463 MW of solar plus storage in California

Apr 7, 2023 10:52 AM ET
  • San Francisco-based Clearway Energy Group claimed Thursday it has shut financing on 2 solar as well as storage projects found on government land in Riverside county, California.
Clearway shuts funding on 463 MW of solar plus storage in California
Image: Clearway Energy Group

The Victory Pass and Arica solar projects will certainly have a combined capacity of 463 MW of solar as well as 186 MW of battery storage. They were the first projects situated in locations identified as appropriate for renewables as part of the Bureau of Land Management's (BLM) Desert Renewable Energy Conservation Plan. The projects were granted final building and construction approval in June 2022. Building work is currently underway and also the facilities are anticipated to find online later on in 2023.

Clearway has actually protected about USD 1 billion (EUR 916m) in funding, included building fundings and project letters of credit, from a bank consortium comprised of MUFG, Sumitomo Mitsui Banking Corporation (SMBC), Societe Generale, DNB, Siemens Financial Services Inc, CoBank, HSBC and Wells Fargo. The business said it has also organized committed tax equity and also a long-lasting common equity partner alongside Clearway Energy Inc (NYSE: CWEN.A) to invest in the advancement when it becomes functional.

The Victory Pass project will supply energy to Silicon Valley Clean Energy Authority (SVCE) and also Central Coast Community Energy (3CE), while Arica's output will certainly be offtaken by 3 consumers, consisting of Clean Power Alliance (CPA) as well as Peninsula Clean Energy.

Fluence will supply the battery storage space systems for the two projects.

Clearway Energy Group, along with Clearway Energy Inc, is the proprietor and operator of more than 8 GW of renewable as well as standard energy assets across the United States.

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