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.
The post Arevon, Blackstone Credit & Insurance Close Financing for Condor Energy Storage Project appeared first on Solar Industry.
Arevon, Blackstone Close Financing for Condor Energy Storage Project
The folks who posted this to social media write, “President Donald Trump’s recent comments on U.S.-Iran relations have prompted renewed discussion about American foreign policy.”
For “American foreign policy” I would substitute “Trump’s mental health.” After all, we are at war with these people, aren’t we?
Of course, most of us will remember Orwell’s “1984” and its line “War Is Peace.”
Every time I see something like what we have at left, I have a renewed sense of wonder: how can certain human beings be such terrible people?
FWIW, I more-or-less understand the MAGA base of racist idiots. I’m not happy that I live among them, but they don’t leave me scratching my head as to how they could have become who they are.
Randy Fine is no moron. His BA and MBA are from Harvard. There is no way he honesty believes that U.S. elections are rigged, or that Trump is an honest and effective servant of the American people. He’s simply a professional liar, and a traitor to his country.
I’m at a loss.
As we all can see, the narrative being offered by congressional Republicans has nothing to do with affordability, healthcare, the war in Iran, or any of the dozens of other issues that concern the wellbeing of the common person. Instead, it’s the singular belief that Democrats hate America, and will do everything in their power to destroy it, by ushering in communism as our new form of government.
But doesn’t that seem a bit far-fetched? Granted, we’re not as sharp as we were when our educational system was still strong, but what type of idiot finds this credible? Let’s take Bernie Sanders, elected to congress in 1990, as an example of an extremely visible progressive, a man who thinks that countries that provide free healthcare and education provide a better quality to life to their citizens than those that don’t.
Now, in his 36 years in congress, has he turned Vermont (see below) into a hellhole? Does anyone the IQ of a caterpillar think that he hates America?
Do Democrats Hate America? Is That a Message the GOP Wants to Run With?
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