Clearway Energy secures funding and begins construction on California solar and battery storage projects
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Clearway Energy Group announced that it closed over $700 million in construction financing and has commenced the construction process on two of its major projects located in Fresno and San Bernardino counties in California.
The Luna Valley solar project, totalling 200 MW, is located in Fresno County. In San Bernardino County, the Daggett Storage project, a standalone battery energy storage facility with a capacity of 113.5 MW, represents the final phase of the larger Daggett Solar plus Storage complex, which totals 482 MW of solar energy and 394 MW of storage capacity.
Brooks Friedeman, VP of Capital Markets at Clearway, said, “Luna Valley and Daggett 1 represent two major steps forward in California’s path to a reliable, affordable, and clean electric grid.”
He added, “We are grateful to our financial partners, customers, and local communities for their continued support for these investments.”
San Diego Gas & Electric (SDG&E) has signed contracts with Luna Valley and Daggett Storage 1 projects for equal amounts of solar power and energy storage, forming a virtually paired hybrid agreement lasting 15 years.
Also read: Intersect Power secures $837 million financing for Texas battery storage projects
Luna Valley’s remaining solar capacity is under 20-year agreements with Southern California Edison and the Power & Water Resources Pooling Authority.
Clearway arranged construction financing through a consortium of banks, including Nord/LB, Societe Generale, KeyBanc Capital Markets Inc., DNB, and ANZ, for both projects.
The company has significantly contributed to California’s clean energy sector, developing and operating over 2,300 MW of solar and storage projects in the state alone over the past 5 years.
Blattner is spearheading the construction, with Luna Valley Solar expected to provide enough electricity annually for over 80,000 homes. Both projects are slated for commercial operation in 2025.
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