Clearway Completes Financing on its Seventh Community Solar Fund
SAN FRANCISCO – Clearway Energy Group (“Clearway”) announced today that it closed more than $195 million of debt financing for its Community Solar Fund 7 – a diversified portfolio of 12 projects totaling 71 MWdc that will serve commercial and industrial customers and around 3,600 residential customers across Illinois and Massachusetts. For the debt financing, Fifth Third Bank and KeyBanc Capital Markets acted as Coordinating Lead Arrangers and Joint Bookrunners, while MUFG Union Bank served as Joint Lead Arranger and Joint Bookrunner for construction and term debt financing.
“Community solar plays a critical role in the path to 100% carbon-free electricity and expanding access to clean, low-cost power for households and businesses,” said Natalie Jackson, Head of Capital Markets at Clearway Energy Group. “Today’s announcement is another important milestone in the growth of clean and competitive energy in Illinois and Massachusetts. With our seventh community solar fund, we’re proud to join our partners in continuing to drive innovation in developing community solar plus storage, customizing funding structures, and expanding access to solar energy.”
Community solar offers financing partners participation in diverse, long-dated cash flows from residential, commercial, and municipal customers in addition to state-backed incentives – all with the low-risk operating performance of a utility-scale project.
For residents and small businesses, community solar offers access to locally-produced renewable energy without solar panel installation on roofs or properties, as well as savings on electricity costs with no upfront charges or cancellation penalties.
Today’s news follows a series of community solar milestones in recent months. In April, Clearway activated its first community solar site in Illinois, serving hundreds of area residents and small business subscribers with local solar energy. The company also announced its partnership with OSF HealthCare late last year. This is Clearway’s seventh community solar fund following the closing of its prior fund in 2020.
Clearway Community Solar is unique in that it is a fully integrated business that combines the three essential components to be successful long-term: project origination, power marketing, and customer management. As a result, and taken together with prior funds, Clearway has become a market leader in community solar with approximately 454 MWdc of projects nationwide serving more than 20,000 customers, in addition to its leading utility-scale solar and wind business.