CashNews.co
Clearway Energy Group has closed on $550 million in construction financing and broke ground on the company’s 140 MW solar and 118 MW storage project in Kern County, Calif., Rosamond South I.
“Kern County has long served as a critical provider of our country’s energy,” says 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.”
Rosamond South I, referred to as Golden Fields Solar IV by its offtakers, is under 15-year agreements with MCE, University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority and the City of Moreno Valley.
To finance the construction loan, Clearway assembled a bank consortium consisting of Societe Generale, Australia and New Zealand Banking Group Limited Siemens Financial Services, Commerzbank, CoBank, DNB Bank ASA and Nord/LB.
Construction is being led by EPC contractor McCarthy Building Companies. Labor partners included Laborers Union 220, Southwest Regional Council of Carpenters, Operating Engineers Local 12, IBEW Local 428, Ironworkers Local 416 and Local 433.
The project is expected to reach commercial operations next year.