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.

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • 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

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

Premium
August 28, 2025
Energy-Storage.news Premium speaks with Sergio Melendez, storage sector manager at CAISO, and Ali Karimian, market optimisation director at GridBeyond, about regulating Bid Cost Recovery Payments in the California Independent System Operator market.
August 28, 2025
California utility Pacific Gas and Electric (PG&E) has pushed back recommissioning of the Elkhorn battery energy storage system (BESS) by approximately one year, to 30 June 2026.
Premium
August 27, 2025
Following in the footsteps of several other US jurisdictions this year, officials at California’s Orange County are one step closer to amending zoning laws to allow the development of BESS. 
August 27, 2025
“Battery energy storage systems (BESS) typically change ownership between two and four times during their 40-year lifecycle,” John Sheehy, CEO of Pottinger, said on day two of the Battery Asset Management Summit Australia 2025 this morning.
August 26, 2025
After an initial rush to deploy that gave CAISO and ERCOT the lead in US BESS adoption, both markets are focused on capacity and availability, writes Amit Mathrani of Rabobank Americas.

Most Popular

Email Newsletter