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
We’ve all heard ideas like the one being expressed here, though this one sounds extreme. Jail sentence? Education is exclusively an exercise in pounding in bad habits?
What’s the outcome for students in the very worst of our schools that make no attempt whatsoever to help its pupils learn to think critically? Well, their kids learn to:
- Read and write
- Do math, at least through algebra
- Understand some level of history and geography
- Make friends and get along with others
- Establish independence from the parents
- Gain the qualifications for employment
What’s the alternative? Illiteracy? Social isolation? Child labor? Poverty? Neurotic sloth? Being a burden on society?
Is it a coincidence that the countries with the best educated children are the happiest, sanest and most productive nations on the planet?
If you’re a competent woman working at the highest echelon in the U.S. government, better start packing your bags.
Today we had another “assassination attempt.”
Is it the fourth or the fifth? I lost track after his ear grew back.
Eventually, after perhaps 20 or 30, even the most dimwitted American will recognize that he’s been played.
Trump is a man of God like I’m a bald eagle.
How Much Further Does the Trust of the American People Extend?
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