Clearway Energy Group announced today that it has closed $550 million in construction financing and has started construction on its Rosamond South I solar and storage project in Kern County, California. The project, which includes 140 MW of solar capacity and 118 MW of energy storage, is expected to generate enough electricity to power over 63,000 homes annually upon completion.
“Kern County has long served as a critical provider of our country’s energy,” said Brooks Friedeman, Vice President of Capital Markets at Clearway. “We are pleased to invest in and help continue Kern County’s energy leadership legacy through our Rosamond South solar and storage project, which will provide reliable and low-cost power when needed most.”
Known to its offtakers as Golden Fields Solar IV LLC, Rosamond South I is under long-term contracts with several California load-serving entities. These agreements include 15-year contracts with MCE, The University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority, and the City of Moreno Valley.
The $550 million construction loan for the solar and storage projects was financed through a consortium of banks, including Societe Generale, Australia and New Zealand Banking Group Limited, Siemens Financial Services, Commerzbank, CoBank, DNB Bank ASA, and Nord/LB.
The project will create over 400 union labor jobs during construction, which is being managed by McCarthy Building Companies, Inc., the engineering, procurement, and construction (EPC) contractor. Labor partners include Laborers Union 220, Southwest Regional Council of Carpenters, Operating Engineers Local 12, IBEW Local 428, Ironworkers Local 416, and Local 433.
Expected to reach commercial operations in 2025, the project will increase Clearway’s operational capacity in Kern County to over 1,500 MW of wind, solar, and energy storage. This expanded capacity contributes more than $20 million annually in property taxes to the county.
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