Clearway closes financing for 192MW Rosamond Central solar project

12 March 2020 (Last Updated March 12th, 2020 16:44)

Clearway Energy Group has completed debt financing for the construction of its 192MW Rosamond Central solar project in California's Kern County.

Clearway closes financing for 192MW Rosamond Central solar project
Clearway completed debt financing for Rosamond Central solar project. Credit: “Chelsea”.

Clearway Energy Group has completed debt financing for the construction of its 192MW Rosamond Central solar project in California’s Kern County.

In order to finance the solar project, German bank NordLB served as the coordinating lead arranger while CIT and Zions acted as joint lead arrangers.

The Rosamond Central solar project has also stipulated contracts with a group of California-based municipalities and community choice aggregators (CCA), including East Bay Community Energy and Clean Power Alliance.

Clearway Energy Group chief financial officer Steve Ryder said: “We are pleased to contribute to California’s goals of achieving 100% clean energy and to partner with the state’s CCAs as a growing vehicle for energy procurement in the Golden State.

“We appreciate the support of our financing parties in providing the capital necessary to advance Rosamond Central and other projects throughout the United States.”

McCarthy Building Companies is responsible for the construction works of the solar facility. The project is expected to be completed by the end of this year.

Upon completion, Rosamond Central solar project is expected to further enhance Clearway’s footprint in Kern County, where the company currently operates 947MW of renewable energy assets.

With more than 1,500MW of operating projects, Clearway is also one of the largest renewable energy companies in California.

In January this year, CIT Group’s power and energy unit arranged nearly $200m in funding on behalf of Clearway Energy Group for a portfolio of community solar projects in four US states.