Arevon Energy Inc. has closed financing on the Vikings solar-plus-storage project with a combination of debt financing and tax credit transfer.
Arevon secured a commitment with J.P. Morgan to purchase $191 million of investment tax credits and production tax credits, among the nation’s first transactions announced to date that leverage the Inflation Reduction Act’s transferability provision.
The additional $338 million debt facility was financed with MUFG, BNP Paribas, Sumitomo Mitsui Banking Corp., and First Citizens Bank, who acted as coordinating lead arrangers. National Bank of Canada also participated as a lender. Stoel Rives represented Arevon as legal counsel; Milbank LLP served as transfer counsel; and Winston & Strawn LLP served as lender counsel.
“Vikings has been a landmark project from its inception. It is one of the nation’s first solar peaker plants, and today it is one of the first utility-scale solar-plus-storage ITC and PTC transferability transactions to close since the Inflation Reduction Act passed in August 2022,” says Kevin Smith, Arevon’s CEO.
Located in Imperial County, Calif., the Vikings power plant features a unique configuration of 157 MW DC of solar coupled with 150 MW/600 MWh of battery energy storage. Vikings is contracted to provide resource adequacy and renewable energy to San Diego Community Power, helping to support grid reliability beginning next year.
The project showcases key U.S. manufacturers, with PV module supply from Arizona-based First Solar, along with solar trackers from Nextracker, whose headquarters are in Fremont, Calif. Tesla is supplying the facility’s utility-scale batteries, which allow the solar energy generated to be directed to the grid during peak demand.
Construction of the facility is well underway, with commercial operations scheduled for the third quarter of 2024. San Diego-headquartered SOLV Energy is performing the construction activities.
The post Vikings Solar-Plus-Storage Development Nets Financing appeared first on Solar Industry.
What this really means is teaching kids that:
All human beings, rich or poor, black or white, gay or straight, have equal value.
The people who have had the privilege to see the Earth from space are uniformly shocked, usually moved to tears, to see that all the lines and boundaries that define our geopolitical world do not really exist; they are constructs of the uber-wealthy who profit from division and war.
I would love to see Maria Montessori’s dream come true. Yet, as a realist, living in the United States, I see the enormity of the challenge we face here.
If I had told you ten years ago that one man would rise to power in the United States who would have such a command over the American people that he could make up any lie he wanted to — and it would be broadly recognized as true — would you have believed me?
Anyone would have bet $100 against a dime that this was impossible. Yet here we are, in a land where Trump can literally rewrite history, just by opening his mouth.
Did January 6th Really Happen, or Was it a Hoax, as Trump Wants You to Believe?
This is theoretically possible; it transmits visible light and uses other frequencies (ultra-violet and infrared) to knock electrons out of the substrate. But it means higher costs and lower efficiencies. Of zero practical value at this point.
Asheboro, North Carolina, Is Under Pressure to Control Discharges of a Toxic Chemical Into Drinking Water Supply
Educating for Peace
Did January 6th Really Happen, or Was it a Hoax, as Trump Wants You to Believe?
Spanish-language misinformation on renewable energy spreads online, report shows
Guest post: Why China is still building new coal – and when it might stop
The toxic gas flares fuelling Nigeria’s climate change – BBC News
-
Climate Change2 years ago
Spanish-language misinformation on renewable energy spreads online, report shows
-
Climate Change3 months ago
Guest post: Why China is still building new coal – and when it might stop
-
Climate Change Videos2 years ago
The toxic gas flares fuelling Nigeria’s climate change – BBC News
-
Greenhouse Gases1 year ago嘉宾来稿：满足中国增长的用电需求 光伏加储能“比新建煤电更实惠”
-
Greenhouse Gases3 months ago
Guest post: Why China is still building new coal – and when it might stop
-
Climate Change1 year ago嘉宾来稿：满足中国增长的用电需求 光伏加储能“比新建煤电更实惠”
-
Carbon Footprint2 years agoUS SEC’s Climate Disclosure Rules Spur Renewed Interest in Carbon Credits
-
Renewable Energy4 months ago
US Grid Strain, Possible Allete Sale