SAN FRANCISCO – Clearway Energy Group (“Clearway”) announced today that it closed $285 million in financing for two solar and storage projects in O’ahu, Hawai’i. The 39 megawatt (MW) Mililani I Solar and 36 MW Waiawa Solar Power sites will be paired with a combined 300 MWh of storage, becoming among the first integrated utility-scale battery storage and solar projects on the island. Natixis acted as the Coordinating Lead Arranger, while Canadian Imperial Bank of Commerce and MUFG each acted as Joint Lead Arrangers. JPM Capital Corporation served as the tax equity investor.
“We are thrilled to once again work with our financing partners to bring forward two critical solar and storage projects,” said Natalie Jackson, Head of Capital Markets at Clearway Energy Group. “These two renewable energy sites will generate reliable local power, advance Hawai’i’s 100% clean energy goals, and represent a $285 million investment in the local economy.”
Construction is being led by Moss & Associates and is expected to be complete in 2022.
This is Clearway’s second set of renewable projects in Hawai‘i. In 2019, the company completed construction and commissioning of three utility-scale solar projects: a 45.9 MW site in Waipi‘o and a 14.7 MW site in Mililani, both in central O‘ahu, and a 49 MW site in Kawailoa on O‘ahu’s North Shore. Once Mililani I Solar and Waiawa Solar Power are complete, Clearway’s five solar projects totaling 185 MW will serve Hawaiian Electric’s grid and generate enough electricity to power more than 45,500 O‘ahu homes each year.
In December, Clearway announced a joint equity transaction for a 1.6 GW portfolio that includes Mililani I Solar and Waiawa Solar Power.