Clearway Energy Group has secured over $700 million in financing and begun construction on two major projects in California: the 200 MW Luna Valley solar project in Fresno County and the 113.5 MW Daggett Storage battery project in San Bernardino County, which finalises up the 482 MW Daggett Solar + 394 MW Storage complex.
San Diego Gas & Electric inked 15-year contracts for equal amounts of solar power and energy storage from both the Luna Valley and Daggett Storage 1 projects, creating a virtually paired hybrid contract. The remaining solar capacity of Luna Valley is contracted under 20-year agreements with Southern California Edison and the Power & Water Resources Pooling Authority.
Furthermore, the company formed a banking consortium including Nord/LB, Societe Generale, KeyBanc Capital Markets Inc., DNB, and ANZ to secure construction financing for the two projects. Upon completion, Luna Valley Solar will produce enough reliable electricity to power over 80,000 homes annually. Both projects are expected to begin commercial operations in 2025.
