Clearway Closes Financing and Begins Construction on Utility-Scale Battery Storage Facility
SAN FRANCISCO – Clearway Energy Group (“Clearway”), announced today that it closed $421 million in financing on Rosamond Central Battery Energy Storage System (“BESS”), a 147 MW/588 MWh capacity battery storage facility being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. Construction on Rosamond Central BESS began in April 2023 and the facility is expected to reach commercial operation in 2024.
In connection with the construction of Rosamond Central BESS, Clearway assembled 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 (NYSE: HASI) and Clearway Energy, Inc. (NYSE: CWEN) and arranged committed tax equity investments.
The Rosamond Central BESS project is expected to create 50 construction jobs and, once fully operational, can enhance grid reliability during peak demand by dispatching solar-generated electricity.
“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.”
Southern California Edison (“SCE”) will purchase the energy storage capacity under a long-term resource adequacy (“RA”) contract.
Battery storage systems for the project will be supplied by Wärtsilä and construction is being led by Rosendin.