California solar + storage project secures $1.1 billion in financing

California solar + storage project secures $1.1 billion in financing
Eland 1

Renewable vitality enterprise developer Arevon Energy has secured $1.1 billion in combination financing commitments for its Eland 2 Photograph voltaic + Storage Endeavor in Kern County, California. The 374-MWDC photograph voltaic enterprise coupled with 150 MW/600 MWh of vitality storage is beneath an early-stage constructing and is anticipated to return again on-line in Q1 2025.

Wells Fargo supplied a $431 million tax equity dedication. Arevon obtained $654 million of debt financing along with a construction-to-term mortgage, a tax equity bridge mortgage, and letter of credit score rating facilities. Canadian Imperial Monetary Establishment of Commerce (CIBC) served because the Administrative Agent, Coordinating Lead Arranger, Inexperienced Mortgage Coordinator, and Bookrunner.

Totally different Coordinating Lead Arrangers included BNP Paribas, CoBank, Commerzbank AG, Commonwealth Monetary Establishment of Australia, and Nationwide Monetary Establishment of Canada. J.P. Morgan served as Joint Lead Arranger, Collateral, and Depositary Agent. Amis, Patel & Brewer, LLP represented Arevon as Sponsor Counsel; Milbank LLP served as Lender Counsel; and Sheppard Mullin served as Tax Equity Counsel.

“Photograph voltaic + storage duties – like our flagship Eland 1 and a few facilities – play a vital perform in Arevon’s approach. Hybrid vitality vegetation ship an additional reliable, predictable vitality yield all through peak electrical vitality demand durations, which in flip permits fixed returns all through our quite a few, multi-gigawatt portfolio,” talked about Kevin Smith, CEO at Arevon. “The Eland duties highlight our crew’s financial energy, enterprise expertise, and thoughtful technique to fostering a sustainable vitality infrastructure. We’ll proceed to assemble upon this momentum, as leaders in powering the vitality transition.”

Eland 2, blended with the enterprise’s first half, Eland 1, collectively represents certainly one of many largest vitality vegetation in Arevon’s portfolio. When achieved, they’re going to be certainly one of many largest working photograph voltaic + storage installations throughout the nation with 751 MWDC of photograph voltaic electrical vitality period and 300 MW/1,200 MWh of vitality storage.

Beneath a long-term PPA with Southern California Public Vitality Authority, Eland 2 will current 200 MWAC {of electrical} vitality to serve the power desires of Southern California, utilizing vitality storage to provide electrical vitality over a chronic interval on daily basis. The battery portion is supported by Tesla’s Megapack 2 XL battery system. SOLV Energy is the enterprise’s engineering, procurement, and constructing (EPC) contractor.

Information merchandise from Arevon


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