Clearway Energy Group has finalized a construction financing deal exceeding USD 700 million (EUR 643.3 million) to commence work on a 200-MW solar park and a battery storage system in California.
The financing will support the development of the Luna Valley photovoltaic (PV) project in Fresno County and the 113.5-MW Daggett Standalone battery storage facility, known as Daggett 1, in San Bernardino County. Daggett 1 is set to be the final phase of the 482-MW Daggett solar complex, which began operations last October with 280 MW of co-located batteries.
A consortium of lenders, including Nord/LB, Societe Generale, KeyBanc Capital Markets Inc, DNB, and ANZ, will provide the necessary debt for these projects.
San Diego Gas & Electric (SDG&E) has secured 15-year agreements to purchase equal portions of solar power and energy storage from both Luna Valley and Daggett 1. The remaining output from the PV park will be sold under 20-year contracts with Southern California Edison and the Power & Water Resources Pooling Authority. The overall output is projected to supply power to more than 80,000 homes annually.
Both the solar park and storage facility are expected to be operational by 2025.
