Renewable energy company Clearway Energy Group made a series of announcements regarding the development of the company’s project pipeline. The company announced that it has completed construction and reached commercial operations on its 192 MW Rosamond Central solar project in Kern County, California. Additionally, Clearway has also closed $427 million in construction debt financing and started construction on the 345 MW Mesquite Sky wind farm in Callahan County, Texas.
Clearway is one of the largest developers and operators of clean energy in the US with a pipeline of 9 GW of renewable energy through 2022. Both the Rosamond Central and Mesquite Sky projects were included in a joint equity transaction announced by Clearway in December.
Construction of the Rosamond Central project began in February 2020, and expands Clearway’s footprint in Kern County, where the company owns and operates 1,053 MW of wind and solar energy assets. The new solar project is expected to generate enough clean energy to power more than 71,000 homes each year.
Valerie Wooley, Vice President of Origination at Clearway Energy Group, said:
“We are proud to continue contributing to California’s goal of 100% clean electricity and keep the state on the forefront of climate leadership. In a year with countless headwinds, Rosamond Central came together thanks to the dedication and effort of many partners, including McCarthy’s swift action to create a safe working environment, and the trust of East Bay Community Energy, Clean Power Alliance, and City of Palo Alto to meet their customers’ demand for clean, reliable, and low-cost renewable energy.”
The Mesquite Sky project is expected to reach commercial operations in late 2021. Using long-term virtual power purchase agreements, the project will provide energy for corporate customers Deere & Company and Whirlpool Corporation.
Mizuho Bank acted as the coordinating lead arranger for the construction debt financing, and Canadian Imperial Bank of Commerce (CIBC), MUFG Bank, Santander Bank, and Sumitomo Mitsui Banking Corporation (SMBC) each acted as mandated lead arrangers.
Natalie Jackson, Head of Capital Markets at Clearway Energy Group, said:
“As we expand our footprint in Texas, we’re humbled to be a part of an industry that employs thousands of residents, stimulates billions in investments, and positions the Lone Star State as a twenty-first century energy leader. Wind farms like Mesquite Sky are driving the transition to clean, low-cost, and reliable power that residents and businesses want. We’re grateful for our customers and partners who will help bring Mesquite Sky to life, including Deere & Company, Whirlpool Corporation, and our lending partners.”