Clearway Energy Group, a developer and operator of clean energy projects, announced that it has secured more than $700 million in construction financing for the 200 MW Luna Valley Solar Project and a 113.5 MW standalone energy storage project in San Bernardino County, which is in the final phase of the 482 MW Daggett Solar + 394 MW Storage complex. The construction of the projects has already begun, and commercial operations of both projects are scheduled for 2025.
A consortium of banks comprising Nord/LB, Societe Generale, KeyBanc Capital Markets, DNB, and ANZ is providing the construction financing for the two projects.
Blattner will lead the construction. Once operational, Clearway says the Luna Valley Solar Project will produce enough clean electricity to power more than 80,000 households annually.
In addition, San Diego Gas & Electric contracted equal amounts of solar power and energy storage from both projects under 15-year agreements. Southern California Edison and Power & Water Resources Pooling Authority have contracted Luna Valley’s remaining solar capacity under 20-year agreements.
Last year, Clearway Energy Group secured about $1 billion in financing, comprised of construction loans and project letters of credit, from a bank consortium of MUFG, Sumitomo Mitsui Banking Corporation (SMBC), Societe Generale, DNB, Siemens Financial Services, CoBank, HSBC, and Wells Fargo for two utility-scale solar and storage projects in Riverside County, California.
According to Mercom’s 1H and Q2 2024 solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last week, rPlus Energies (rPlus), a solar and energy storage project developer, secured over $1 billion in construction debt financing for its Green River Energy Center, which comprises 400 MW of solar PV and 400 MW/1,600 MWh of energy storage. The Green River Energy Center in Emery County, Utah, already has a power purchase agreement with PacifiCorp.
