June 25 (Renewable Energy Now) – Clearway Energy Group announced Thursday that it had signed a $ 285 million ($ 238.7 million) financing deal.
The portfolio includes the 39 MW Mililani I and 36 MW Waawa photovoltaic (PV) projects, which are coupled together with 300 MWh of energy storage capacity. According to Clearway, they will be the first integrated solar-plus-battery systems on Oahu.
Natixis acted as the coordinating lead manager of the debt financing, while the Canadian Imperial Bank of Commerce and MUFG were joint lead managers. JPM Capital Corporation acted as tax equity investor.
The two projects represent a combined investment of USD 285 million. They are part of a larger portfolio of renewable energy with a total of 1.6 GW in four states, for which joint equity financing was concluded in December 2020.
The construction work for Mililani I and Waiawa is being led by the construction company Moss. The plants are scheduled to go into operation in 2022.
The two locations complement three solar projects that Clearway completed in Hawaii in 2019. The five PV parks with a total capacity of 185 MW will supply the Hawaiian Electric grid and produce enough electricity for over 45,500 local households annually.
(USD 1.0 = EUR 0.838)