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
If the situation in the United States weren’t so tragic, this meme would be funny.
The Republicans are banking on the fact that American voters are so stupid that they don’t know that it was the Trump administration that created the affordability issues. Gas prices around here are currently almost exactly $2.00 more than they were when Trump started this pointless and illegal war in Iran.
Does what Hannah Arendt said at left apply to Donald Trump today?
Not sure. I’m fairly certain that, for instance, Trump wants as many morons as possible to believe that the 2020 election was rigged.
However, the bulk of what she said is absolutely true. Trump most certainly wants to deprive people of the capacity to think and judge.
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Press Releases
ACORE to Ring Opening Bell at New York Stock Exchange to Celebrate 25 Years
Washington, D.C. – ACORE will ring the opening bell at the New York Stock Exchange on Wednesday, July 29 at 9:30 a.m. ET to celebrate its 25th anniversary of powering investment in American clean energy.
For 25 years, ACORE has been working across the entire clean energy business process, uniting technology, policy, and finance to accelerate America’s transition to a clean energy economy.
ACORE’s President and CEO Ray Long will ring the bell alongside members of the ACORE Board.
If you are interested in a conversation with ACORE CEO Ray Long, please let us know at communications@acore.org.
When: Wednesday, July 29 at 9:30 a.m. ET
Where: New York Stock Exchange, 11 Wall Street, New York, NY. Media wishing to attend in person should RSVP to Chris Higginbotham beforehand. The ceremony will also be livestreamed at https://www.nyse.com/bell.
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About ACORE:
ACORE is a nonpartisan nonprofit organization that operates at the intersection of affordability, reliability, and clean energy deployment. Our work is focused on stabilizing energy prices, strengthening the electric grid, and driving investment in cost-effective technologies to ensure that clean energy delivers for people, businesses, and the U.S. economy.
ACORE’s membership includes clean energy investors, developers, energy buyers, power generators, manufacturers, and energy providers. In 2024, nearly 80% of the booming utility-scale domestic clean energy growth was financed, developed, owned, equipped, or contracted by ACORE members.
Media Contacts:
Chris Higginbotham
higginbotham@acore.org
The post ACORE to Ring Opening Bell at New York Stock Exchange to Celebrate 25 Years appeared first on ACORE.
https://acore.org/news/acore-to-ring-opening-bell-at-new-york-stock-exchange-to-celebrate-25-years/
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