Clearway Energy Group has closed financing for two large-scale solar projects with energy storage in Riverside County, Calif.
First solar projects in areas identified for renewable energy development: Clearway leads the charge
The Victory Pass and Arica solar projects will produce 463 MW of clean energy and 186 MW of energy storage, enough to power approximately 132,000 homes annually. Both projects are the first solar projects located in areas identified as suitable for renewable energy development under the BLM Desert Renewable Energy Conservation Plan.
As part of the construction of these facilities, Clearway has assembled a banking syndicate consisting of MUFG, Sumitomo Mitsui Banking Corporation, Societe Generale, DNB, Siemens Financial Services, CoBank, HSBC and Wells Fargo for a total amount of approximately $1 billion, including construction loans and project letters of credit. Clearway has also arranged a committed tax equity and long-term common equity partner to invest in the project upon commercial operation, expected later this year.
The projects will provide approximately $5.9 million in annual economic benefits and support up to 1,000 union construction jobs. The energy storage systems for both projects will be supplied by Fluence and construction will be led by SOLV.
Clearway Energy Group Committed to Leading the Transition to a Clean Energy Future
Clearway Energy Group is leading the transition to a world powered by clean energy. Together with its public subsidiary Clearway Energy, Inc. it owns and operates more than 8 GW of renewable and conventional energy assets across the United States. Clearway’s 6.9 GW of operating wind, solar and energy storage assets offset the equivalent of more than 10.5 million metric tons of carbon emissions for its customers today.
As a result, Clearway Energy Group has successfully secured financing for two large-scale solar and energy storage projects that will generate clean energy and support the transition to a sustainable future. The projects were developed in appropriate areas identified under the BLM Desert Renewable Energy Conservation Plan and are expected to provide significant economic benefits and employment opportunities. Clearway Energy Group’s commitment to developing renewable energy projects across the country demonstrates its leadership in driving the transition to a clean energy future.
