SAN FRANCISCO – Clearway Energy Group (“Clearway”) today announced that it closed financing on two utility-scale solar and storage projects located in Riverside County, California on U.S. Bureau of Land Management (BLM) land. The Victory Pass and Arica solar projects will generate 463 MW of combined clean energy capacity and 186 MW of battery storage, which is enough electricity to power roughly 132,000 homes annually.
The Victory Pass project is fully contracted with two community choice aggregators, Silicon Valley Clean Energy Authority (SVCE) and Central Coast Community Energy (3CE). Arica is fully contracted with three customers, including Clean Power Alliance (CPA) and Peninsula Clean Energy.
In connection with construction of these facilities, Clearway assembled a bank consortium consisting of MUFG, Sumitomo Mitsui Banking Corporation (SMBC), Societe Generale, DNB, Siemens Financial Services, Inc., CoBank, HSBC and Wells Fargo for a total of approximately $1 billion consisting of construction loans and project letters of credit. In addition, Clearway has also arranged committed tax equity and a long-term common equity partner alongside Clearway Energy, Inc. to invest in the project upon commercial operation, which is scheduled for later this year.
“We appreciate the trust and support of our relationship banks to come together to form one of the largest construction finance facilities in the history of Clearway,” said Steve Ryder, Chief Financial Officer at Clearway. “Capital formation for renewable energy projects at this scale, and the capabilities of leading developers such as Clearway to bring such projects to fruition, will be a differentiating factor in achieving the objectives of the energy transition in the United States.”
The two solar projects were the first solar projects located in areas identified as suitable for renewable energy development as part of the BLM Desert Renewable Energy Conservation Plan. The projects will provide roughly $5.9 million of annual economic benefits and support up to 1,000 union construction jobs.
Battery storage systems for both projects will be supplied by Fluence, a leading energy storage provider, and construction is being led by SOLV.
Clearway Energy Group is leading the transition to a world powered by clean energy. Along with our public affiliate Clearway Energy, Inc., we own and operate more than 8 gigawatts of renewable and conventional energy assets across the country. As we develop a nationwide pipeline of new renewable energy projects for the future, Clearway’s 6.9 gigawatts of operating wind, solar, and energy storage assets offset the equivalent of more than 10.5 million metric tons of carbon emissions for our customers today. Clearway Energy Group is headquartered in San Francisco with offices in Carlsbad, Calif.; Scottsdale, Ariz.; Houston; and Princeton, N.J. For more information, visit clearwayenergygroup.com.