Clearway Closes Financing and Starts Construction on Solar and Battery Energy Storage Facilities in California

$700 million in construction financing closed for 200 MW Luna Valley Solar Project in Fresno County and 113.5 MW Daggett Standalone Storage facility in San Bernardino County
Projects contracted under long-term agreements with load-serving entities San Diego Gas & Electric, Southern California Edison, and Power & Water Resources Pooling Authority
Clearway strengthens state’s grid reliability with over 2.3 GW of new solar plus storage projects operating and in construction in California since 2018

SAN FRANCISCO – Clearway Energy Group (“Clearway”) announced today that 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. 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.

Clearway has been a leading catalyst in transforming the state’s clean energy economy, putting more than 2,300 MW of solar plus storage projects into construction and operation in California alone over the last 5 years.

Construction is being led by Blattner. Once complete, Luna Valley Solar will generate enough reliable electricity to power more than 80,000 homes every year. Both projects are scheduled to reach commercial operations in 2025.

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About Clearway Energy Group

Clearway Energy Group is leading the transition to a world powered by clean energy. Along with our public affiliate Clearway Energy, Inc., we operate approximately 10,400 MW of gross generating capacity in 26 states, maintaining a net ownership interest in over 6,500 MW of wind, solar, and energy storage assets, and approximately 2,500 MW of environmentally-sound, highly efficient natural gas generation facilities. As we develop a nationwide pipeline of new renewable energy projects for the future, Clearway’s fleet of emissions-free generating assets offset the equivalent of more than 10 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.; Denver; Houston; and Princeton, N.J. For more information, visit clearwayenergygroup.com.