Arevon Power has secured $1.1 billion in combination financing commitments for its Eland 2 solar-plus-storage undertaking in Kern County, Calif.
The 374 MW photo voltaic undertaking coupled with 150 MW off vitality storage is underneath early-stage development and is anticipated to return on-line early subsequent 12 months.
“Photo voltaic-plus-storage initiatives, like our flagship Eland 1 and a couple of services, play an vital function in Arevon’s technique” says Kevin Smith, CEO at Arevon. “Hybrid energy vegetation ship a extra dependable, predictable vitality yield throughout peak electrical energy demand durations, which in flip permits constant returns throughout our various, multi-gigawatt portfolio. The Eland initiatives spotlight our crew’s monetary energy, business experience, and considerate method to fostering a sustainable vitality infrastructure. We’ll proceed to construct upon this momentum, as leaders in powering the vitality transition.”
Underneath a long-term PPA with Southern California Public Energy Authority, Eland 2 will present 200 MW of electrical energy to serve Southern California’s energy wants. The undertaking makes use of 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. Sheppard Mullin served as tax fairness counsel.
