Arevon Energy Inc., a renewable energy developer, owner, and operator based in NYC and Scottsdale, AZ, has successfully obtained financing commitments exceeding $1 billion for its Eland 2 Solar-plus-Storage Project in Kern County, California.
The project, currently in early-stage construction, is poised to go live in Q1 2025, combining a 374 MWdc solar facility with 150 MW/600 MWh of energy storage.
Wells Fargo, contributing a substantial $431 million in tax equity, played a pivotal role in the financial backing of this venture. Simultaneously, Arevon secured $654 million in debt financing, encompassing a construction-to-term loan, tax equity bridge loan, and letter of credit facilities.
Canadian Imperial Bank of Commerce (CIBC) spearheaded the financing consortium, serving as the Administrative Agent, Coordinating Lead Arranger, Green Loan Coordinator, and Bookrunner.
Collaborating institutions included BNP Paribas, CoBank, Commerzbank AG, Commonwealth Bank of Australia, and National Bank of Canada. J.P. Morgan took the position of Joint Lead Arranger, Collateral and Depositary Agent.
Tesla’s Megapack 2 XL Enhances Solar Energy
The solar energy generated by Eland 2 is fortified by Tesla’s Megapack 2 XL battery system, ensuring seamless power continuity and reliability, especially during peak-demand periods. SOLV Energy, based in San Diego, oversees the project’s engineering, procurement, and construction (EPC) aspects.
Eland 2, in conjunction with its precursor, Eland 1, represents one of Arevon’s largest power plant portfolios. Upon completion, they will be one of the country’s largest solar-plus-storage installations, boasting 751 MWdc of solar electricity generation and 300 MW/1,200 MWh of energy storage.
Headquartered in Scottsdale, Arizona, and New York City, Arevon Energy has become North America’s leading renewable energy provider. With over 3,500 MW of solar, storage, and solar + storage hybrid assets nationwide, Arevon holds a strong position in California, with over 1,900 MW in operation and over 1,000 MW in construction.
Future Commitment: 6 Gigawatts in Development
Arevon’s commitment to clean energy extends to its robust portfolio of more than 6 gigawatts of projects in development. This ambitious pipeline aims to provide additional clean, cost-effective power to homes and businesses.
Arevon Energy’s successful financing for the Eland 2 Solar-plus-Storage Project underscores the momentum in the renewable energy sector. As one of the largest solar-plus-storage installations in the country, it signifies a step forward in the transition towards sustainable energy solutions.
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