Clearway Energy Group, a developer and operator of clean energy projects, closed $550 million in financing for developing its Rosamond South I solar and storage project in Kern County, California. Upon completion, the solar portion will have a total capacity of 140 MW, and the storage capacity will be 118 MW.
A consortium of banks comprising Societe Generale, Australia and New Zealand Banking Group Limited Siemens Financial Services, Commerzbank, CoBank, DNB Bank ASA, and Nord/LB provided the construction loan for the solar and storage projects.
The company has started constructing the Rosamond South I project and is expected to reach commercial operations in 2025.
Rosamond South I, which its off-takers refer to as Golden Fields Solar IV, is under long-term contracts with several California load-serving entities, including 15-year agreements with MCE, the University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority, and the City of Moreno Valley.
“Kern County has long served as a critical provider of our country’s energy,” said Brooks Friedeman, Vice President of Capital Markets at Clearway. “We are pleased to invest in and help continue Kern County’s energy leadership legacy through our Rosamond South solar and storage project, which will provide reliable and low-cost power when needed most.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
In July, Clearway Energy Group also announced that it 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. These projects are in the final phase of the 482 MW Daggett Solar + 394 MW Storage complex.
