Clearway secures $700M for energy projects

US based Clearway Energy Group has announced the closure of over $700 million in construction financing and the commencement of 200 MW Luna Valley solar project in Fresno County and the 113.5 MW Daggett Storage project in San Bernardino County. The Daggett Storage project is the final phase of the 482 MW Daggett Solar + 394 MW Storage complex. San Diego Gas & Electric (SDG&E) contracted equal amounts of power from both projects under 15-year agreements. Luna Valley’s remaining solar capacity is contracted under 20-year agreements with Southern California Edison and Power & Water Resources Pooling Authority. Clearway assembled a bank consortium, including Nord/LB, Societe Generale, KeyBanc Capital Markets Inc., DNB, and ANZ, to finance the projects. Construction, led by Blattner, is expected to complete by 2025, with Luna Valley Solar projected to power over 80,000 homes annually.