Clearway closes $421m California storage financing

July 28, 2023

Clearway Energy Group has closed $421 million in financing for Rosamond Central Battery Energy Storage System (BESS), a 147 MW/588 MWh capacity battery storage facility being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. 

Clearway assembled a bank consortium comprising NordLB as the coordinating lead arranger, with CoBank, Commerzbank, DNB, Societe Generale and Zions Capital Markets as joint lead arrangers. Clearway also closed cash equity with climate investment firm HASI  and Clearway Energy Inc. and arranged committed tax equity investment.

Construction of Rosamond Central BESS began in April 2023 and the facility is expected to reach commercial operation in 2024. 

The Rosamond Central BESS project is expected to create 50 construction jobs.

Southern California Edison will purchase the energy storage capacity under a long-term resource adequacy contract. 

Battery storage systems for the project will be supplied by Wärtsilä and construction is being led by Rosendin. 

“Scaling up battery storage is the crucial next step for California’s clean energy transition,” said Steve Ryder, chief financial officer of Clearway Energy Group. “With the successful financing of Rosamond Central BESS, we’re excited to play a role in helping ensure that California’s grid remains reliable and resilient for homes and businesses.”