Clearway Energy Group has closed $550 million in construction financing and started construction on its Rosamond South I solar and storage project in Kern County, California. Once complete, the 140 MW solar and 118 MW storage project will generate enough electricity to power over 63,000 homes every year.
Commenting on the project, Brooks Friedeman, Vice President of Capital Markets at Clearway, said, “Kern County has long served as a critical provider of our country’s energy. 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 1, which is referred to as Golden Fields Solar IV LLC by its offtakers, is under long-term contracts with several California load-serving entities, including 15-year agreements with MCE, The University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority, and City of Moreno Valley.
To finance the $550 million construction loan for the solar and storage projects, 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. More than 400 union labour jobs will be created during construction, which is being led by EPC contractor McCarthy Building Companies, Inc.