Arevon Energy and Blackstone Credit & Insurance announced the financial close for the 200 MW Condor Energy Storage Project, currently under construction in Grand Terrace, Calif.
The project is anticipated to start operations this year and is contracted under a 15-year agreement with Southern California Edison. Condor features Megapack 2 XL, Tesla’s utility-scale battery system. Tesla has been contracted to provide O&M services for the project. Rosendin Electric is the project’s EPC contractor. Arevon says it will own and operate the project on a long-term basis.
Blackstone’s preferred equity investment in Condor is structured to simplify the monetization of tax credits.
The financing includes a commitment from Stifel Financial to buy investment tax credits and is supported with a $164 million debt facility secured with coordinating lead arrangers CoBank ACB, Helaba and Sumitomo Mitsui Banking. The Bank of New York Mellon served as collateral and administrative agent. Arevon secured real estate financing from climate investment firm HASI related to the Condor Energy Storage Project land.
“Condor represents not only our commitment to developing assets that deliver grid resilience but also our team’s adeptness in navigating complex, hybrid financing arrangements,” says Arevon’s Daniel Murphy. “Along with our partners, we remain focused on pioneering climate finance solutions that promote a sustainable clean energy future.”
Stoel Rives represented Arevon as sponsor transaction counsel and CRC-IB served as sponsor tax equity advisors. Milbank served as the preferred equity counsel and Winston & Strawn served as lender counsel. Monarch Private Capital served as advisor to the tax credit purchaser, with Orrick, Herrington & Sutcliffe as counsel to Monarch. Paul Hastings served as counsel to the tax credit purchaser.
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Arevon, Blackstone Close Financing for Condor Energy Storage Project
There really are threats to human civilization that seem to be mounting in intensity:
• World fascism. (If it can happen in the U.S., it could conceivably happen anywhere.)
• Environmental collapse.
• Malicious use of AI.
• Pandemics, as misinformation on vaccinations spread and the frozen tundra melts, releasing pathogens never seen by humans.
• Nuclear war.
Addressing the point made at left, is there any scenario in which world governments agree to cooperate so as to stave off the end of an organized society here on Earth? One supposes so, though it sounds far-fetched in today’s world in which the leaders of most of the 200+ sovereign nations are trying so desperately to cling to power.
Obviously, James Carville has been wrong before, but it appears that he’s onto something here.
An ever-increasing number of Americans are realizing that Trump is criminally insane, and is leading this nation to destruction.
It’s a pleasure to see that Dr. Brian Cox has people so popular, having joined the ranks for Neil DeGrasse Tyson, Bill Nye, and a few others. This phenomenon of celebrity physicists if one of very few bright spots in our modern world.
I would qualify what he says at left as follows: the only people who hate the economics here are those invested in fossil fuels. Clean energy and transportation are already huge industries, and they’re growing at an amazing pace–even in the face of heavy suppression by Big Oil and Donald Trump.
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