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
Consider the meme here, and then remember that the nine of the ten poorest states in the U.S. (Mississippi, Louisiana, West Virgina, Kentucky, Arkansas, Alabama, Oklahoma, Tennessee, and South Carolina) are all bright red.
How do they get away with stupidity like this?
Well, there’s the bottom of the state rankings for education:
- 46. Mississippi
- 47. Kentucky
- 48. Louisiana
- 49. Arkansas
- 50. West Virginia
Do you see any correlation?
Republican Operatives Are Tenacious as Messaging–And Truth Has No Bearing on It
Good question here at left.
To me, it depends.
If the person seems intelligent enough to be able to hold a thought in his head that opposes his current beliefs, I’d actively encourage the discussion. Otherwise, I’m out. No need to raising someone’s temper for no reason or gain.
To the jackass who sent me the meme here: What about the 5 million Americans who moved to Canada? What about the steady flow of Americans expatriating to Costa Rica, New Zealand, Australia, Iceland and Northern Europe?
My wife and I have two kids and a grandchild in the States, and we have a gaggle of medicos to address the various health conditions associated with aging. If that weren’t the case, I’d be writing this from Stockholm or Aukland.
I wouldn’t be looking for a “utopia,” just an escape from the frustration, anger, and sadness that I feel every day, as I watch the country I love deteriorate into authoritarianism.
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