Clearway, a solar, wind, and energy storage project developer, announced that it had closed $421 million in financing for the 147 MW/ 588 MWh  Rosamond Central Battery Energy Storage Project, which is being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. The construction on Rosamond Central BESS began in April 2023, and the facility is expected to reach commercial operation in 2024.

Clearway secured financing from a bank consortium comprising NordLB as the Coordinating Lead Arranger, with CoBank, Commerzbank, DNB, Societe Generale, and Zions Capital Markets as Joint Lead Arrangers. Clearway also closed cash equity with climate investment firm HASI and Clearway Energy and arranged committed tax equity investments. Wärtsilä will supply battery storage systems for the project, and construction is being led by Rosendin.

“Scaling up battery storage is the crucial next step for California’s clean energy transition,” said Steve Ryder, Chief Financial Officer of Clearway Energy Group. “With the successful financing of Rosamond Central BESS, we’re excited to play a role in helping ensure that California’s grid remains reliable and resilient for homes and businesses.”

According to Mercom’s recently released 1H and Q2 2023 Energy Storage and Smart Grid Report, eight energy storage project funding deals were announced in Q2 2023 worth $2.1 billion.

Jupiter Power, an energy storage project developer, recently secured a $70.4 million construction and term loan financing facility for two standalone battery energy storage projects in Texas, totaling 160 MW / 320 MWh. Through its Energy Finance group, First Citizens acted as Coordinating Lead Arranger on the construction and term loan financing facility for the standalone battery energy storage system (BESS) projects. BankUnited, N.A., and Siemens Financial Services were Joint Lead Arrangers.