Arevon Energy has secured $1.1 billion in aggregate financing commitments for its Eland 2 solar-plus-storage project in Kern County, Calif.
The 374 MW solar project coupled with 150 MW off energy storage is under early-stage construction and is anticipated to come online early next year.
“Solar-plus-storage projects, like our flagship Eland 1 and 2 facilities, play an important role in Arevon’s strategy” says Kevin Smith, CEO at Arevon. “Hybrid power plants deliver a more reliable, predictable energy yield during peak electricity demand periods, which in turn enables consistent returns across our diverse, multi-gigawatt portfolio. The Eland projects highlight our team’s financial strength, industry expertise, and thoughtful approach to fostering a sustainable energy infrastructure. We will continue to build upon this momentum, as leaders in powering the energy transition.”
Under a long-term PPA with Southern California Public Power Authority, Eland 2 will provide 200 MW of electricity to serve Southern California’s power needs. The project utilizes Tesla’s Megapack 2 XL battery system. San Diego-based SOLV Energy is the project’s EPC contractor.
Wells Fargo provided a $431 million tax equity commitment. Arevon obtained $654 million of debt financing including a construction-to-term loan, a tax equity bridge loan and letter of credit facilities. Canadian Imperial Bank of Commerce served as the administrative agent, coordinating lead arranger, green loan coordinator and bookrunner. Other coordinating lead arrangers included BNP Paribas, CoBank, Commerzbank AG, Commonwealth Bank of Australia and National Bank of Canada.
J.P. Morgan served as joint lead arranger, collateral and depositary agent. Amis, Patel & Brewer represented Arevon as sponsor counsel; Milbank served as lender counsel. Sheppard Mullin served as tax equity counsel.
The post Arevon Closes on $1.1B in Financing for Eland 2 Solar-plus-Storage Project appeared first on Solar Industry.
Arevon Closes on $1.1B in Financing for Eland 2 Solar-plus-Storage Project
It depends on what you believe.
Fox News will tell you that our southern border is no longer being overrun, that we’ve discovered that vaccinations are unsafe, that we’re standing up against Sharia Law, we’re preventing Iran from building a nuclear weapon, prices are coming down (or soon will be), Trump is an honest and effective servant of the American people and that the U.S. is once again respected on the world stage.
We live in a country where tens of millions of idiots believe every word of this.
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I met a guy today from a rural part of Central England–“nothing but farms and pubs,” as he put it. His father was an epidemiologist working for the United Nations, and so, as a boy, he lived all over the world and grew up largely in developing countries that suffered from horrific diseases.
He and his wife had the conversation one would expect from such people:
- Why are we so content to ignore climate change that is ruining our planet?
- Why are people so indifferent to the suffering of others?
- How is it possible that billionaires expect to live well here on Earth while 99.9% of us suffering with wildfires, devastating storms, blistering heat, losses of landmasses, and desertification?
- At the end of the day, is money really that precious?
Obviously, not everyone thinks this way, but to be in something of a “lovefest” for just a few minutes was a great relief.
relief.
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