Arevon Power has closed $1.1 billion in mixture financing commitments for its Eland 2 photo voltaic+storage undertaking in Kern County, Calif.
The 374 MW photo voltaic undertaking, coupled with 150 MW of power storage, is beneath early-stage development and is anticipated to return on-line in 2025. Eland 2, mixed with the undertaking’s first part, Eland 1, collectively signify one of many largest energy crops within the firm’s portfolio.
“The Eland 2 financing is a tremendous accomplishment after Eland 1 which achieved monetary shut in 2022,” says Arevon’s Daniel Murphy. Each tasks are glorious examples of Arevon’s capacity to execute on massive, complicated transactions. I’m happy with our staff’s achievement and grateful to our valued companions as we proceed to finish profitable transactions on this more and more intricate area.”
Below a long-term PPA with Southern California Public Energy Authority, Eland 2 will present 200 MW AC of electrical energy to serve the facility wants of Southern California. Photo voltaic generated by this undertaking is enhanced by Tesla’s Megapack 2 XL battery system. San Diego-based SOLV Power is the undertaking’s EPC contractor.
Wells Fargo supplied a $431 million tax fairness dedication. Arevon obtained $654 million of debt financing together with a construction-to-term mortgage, a tax fairness bridge mortgage and letter of credit score services. Canadian Imperial Financial institution of Commerce served as the executive agent, coordinating lead arranger, inexperienced mortgage coordinator, and bookrunner. Different coordinating lead arrangers included BNP Paribas, CoBank, Commerzbank AG, Commonwealth Financial institution of Australia and Nationwide Financial institution of Canada. J.P. Morgan served as joint lead arranger, collateral and depositary agent. Amis, Patel & Brewer represented Arevon as sponsor counsel. Milbank served as lender counsel and Sheppard Mullin served as tax fairness counsel.
