US renewables developer Clearway raises US$700 million for solar-plus-storage and BESS projects

LinkedIn
Twitter
Reddit
Facebook
Email

Renewables developer Clearway Energy Group has closed a US$700 million construction financing on a portfolio of solar and storage projects in California, US.

The construction financing was secured by a bank consortium consisting of Nord/LB, Société Générale, KeyBanc Capital Markets, DNB and ANZ.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Clearway has also started construction on the two projects, a solar PV and a standalone battery energy storage system (BESS), located in the Californian counties of Fresno and San Bernadino.

The Solar PV plant in Fresno – the Luna Valley Solar Project – has a 200MW capacity, while the Dagget storage in San Bernadino has an output of 113.5MW. The storage project in San Bernadino is the final phase of a solar-plus-storage project with a PV capacity of 482MW and a storage output of 394MW.

Both projects are expected to reach commercial operations in 2025, while construction is carried out by renewables contractor Blattner Energy.

Moreover, the company has already secured a 15-year virtually paired hybrid power purchase agreement (PPA) with utility San Diego Gas & Electric for both projects. The remaining capacity of the Luna Valley PV plant is contracted under a 20-year PPA with utilities Southern California Edison and Power & Water Resources Pooling Authority.

“Luna Valley and Daggett 1 represent two major steps forward in California’s path to a reliable, affordable, and clean electric grid,” said Brooks Friedeman, VP of capital markets at Clearway.

In the past five years, the renewables developer has put over 2.3GW of solar and storage projects into construction and operation in California.

This story first appeared on PV Tech.

Read Next

July 18, 2025
Acciona Energía has submitted plans for a wind-plus-storage site featuring up to 800MWh of BESS to Australia’s EPBC Act.
July 17, 2025
D.E. Shaw Renewable Investments (DESRI) has started construction at a 150MW solar-plus-storage project in the US state of New Mexico, the BESS for which will be manufactured in the US by LG Energy Solution.
July 17, 2025
Contemporary Amperex Technology Ltd (CATL) has signed a framework supply agreement for a project to export renewable energy from Indonesia to Singapore.
July 16, 2025
London Stock Exchange-listed Gore Street Energy Storage Fund (GSF) has entered into an agreement to sell its investment tax credits (ITCs) for the Big Rock energy storage project in California, US.
Premium
July 16, 2025
California community choice aggregator Ava Community Energy’s new BESS offtake agreements with EDP Renewables incorporate measures to share policy risks.

Most Popular

Email Newsletter