Clearway Completes Financing on its Fifth Community Solar Fund
Clearway Continues Market-Leading Presence in Fast-Growing Asset Class in Solar
SAN FRANCISCO, CA – Clearway Energy Group (“Clearway”) announced today that it closed financing on its Community Solar Fund V – a diversified portfolio of 21 projects totaling 76 MWdc across Illinois, Massachusetts, Minnesota, and New York. CIT acted as Coordinating Lead Arranger and Sole Bookrunner, while KeyBanc Capital Markets and Silicon Valley Bank served as Joint Lead Arrangers for the construction and term debt financing. Clearway also arranged tax equity financing for the portfolio with an undisclosed party. Most of the Community Solar Fund V projects will be placed in service in 2020.
“We appreciate the support of our financing parties in achieving this important milestone in our community solar business,” said Steve Ryder, Chief Financial Officer at Clearway Energy Group. “With each successive fund, Clearway and its partners have driven innovation by entering new markets, developing community solar with storage, and customizing funding structures, all of which make this a highly efficient business model in the distributed generation sector.”
“Customers want clean and local energy, they want savings, and they want it to be easy, and community solar meets them there,” said Drew Warshaw, Vice President of Community Solar and Distributed Generation at Clearway Energy Group. “We are grateful for our customers, our financing parties, and policymakers across the country who continue to make this innovative model possible.”
For customers, community solar offers access to locally-generated solar without the need to put equipment on their roof or property, as well as savings on their electricity costs with no upfront cost.
For financing parties, community solar offers participation in diverse, long-dated cash flows from residential, commercial, and municipal customers in addition to state-backed incentives, and the ability to efficiently replace non-paying customers – all with the low-risk operating performance of a utility-scale project.
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 more than 320 MWdc of projects nationwide serving more than 15,000 customers, in addition to its leading utility-scale solar and wind business.