Clearway Energy Group announced it closed more than $700 million in construction financing and has begun construction on two major energy projects in Fresno and San Bernardino counties in California.
Luna Valley is a 200 MW solar project in Fresno County, and Daggett Storage is a 113.5 MW standalone battery energy storage project in San Bernardino County and is the final phase of the 482 MW Daggett Solar + 394 MW Storage complex.
“Luna Valley and Daggett 1 represent two major steps forward in California’s path to a reliable, affordable, and clean electric grid,” said Brooks Friedeman, VP of Capital Markets at Clearway. “We are grateful to our financial partners, customers, and local communities for their continued support for these investments.”
San Diego Gas & Electric (SDG&E) contracted equal amounts of solar power and energy storage from each of the Luna Valley and Daggett Storage 1 projects under 15-year agreements to achieve a virtually paired hybrid contract. Luna Valley’s remaining solar capacity is contracted under 20-year agreements with Southern California Edison and Power & Water Resources Pooling Authority.
Clearway assembled a bank consortium consisting of Nord/LB, Societe Generale, KeyBanc Capital Markets Inc., DNB, and ANZ to provide construction financing for the two projects.
In October 2023, Clearway announced it reached commercial operations on the first two phases of Daggett Solar + Storage, California’s largest hybrid solar and battery storage facility.
Located adjacent to the decommissioned Coolwater gas-fired power plant, the Daggett Solar+ Storage project encompasses 482 MW solar and 280 MW/1,120 MWh energy storage and is one of the largest operating solar and storage hybrid facilities in the country.
