Several California load-serving entities, including MCE, The University of California, Rancho Cucamonga Municipal Utility, Eastside Power Authority and City of Moreno Valley, signed 15-year agreements for solar power.

Rosamond South 1, which is referred to as Golden Fields Solar IV LLC by its offtakers, is under long-term contracts with the organizations.

Clearway Energy Group announced that it closed $550 million in construction financing and started construction on its Rosamond South I solar and storage project in Kern County, California. Once the project is complete, the 140-MW solar and 118-MW storage project will generate enough electricity to power over 63,000 homes annually. 

“Kern County has long served as a critical provider of our country’s energy,” said Brooks Friedeman, Vice President of Capital Markets at Clearway, in a statement. “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.” 

Clearway assembled a bank consortium consisting of Societe Generale, Australia and New Zealand Banking Group Limited Siemens Financial Services, Commerzbank, CoBank, DNB Bank ASA, and Nord/LB to finance the $550 million construction loan for the solar and storage projects.  

The project is expected to reach commercial operations in 2025 and will bring Clearway’s operating footprint in Kern County to over 1,500 MW of wind, solar, and energy storage.