Arevon Energy Inc. has closed financing on the Vikings solar-plus-storage project with a combination of debt financing and tax credit transfer.
Arevon secured a commitment with J.P. Morgan to purchase $191 million of investment tax credits and production tax credits, among the nation’s first transactions announced to date that leverage the Inflation Reduction Act’s transferability provision.
The additional $338 million debt facility was financed with MUFG, BNP Paribas, Sumitomo Mitsui Banking Corp., and First Citizens Bank, who acted as coordinating lead arrangers. National Bank of Canada also participated as a lender. Stoel Rives represented Arevon as legal counsel; Milbank LLP served as transfer counsel; and Winston & Strawn LLP served as lender counsel.
“Vikings has been a landmark project from its inception. It is one of the nation’s first solar peaker plants, and today it is one of the first utility-scale solar-plus-storage ITC and PTC transferability transactions to close since the Inflation Reduction Act passed in August 2022,” says Kevin Smith, Arevon’s CEO.
Located in Imperial County, Calif., the Vikings power plant features a unique configuration of 157 MW DC of solar coupled with 150 MW/600 MWh of battery energy storage. Vikings is contracted to provide resource adequacy and renewable energy to San Diego Community Power, helping to support grid reliability beginning next year.
The project showcases key U.S. manufacturers, with PV module supply from Arizona-based First Solar, along with solar trackers from Nextracker, whose headquarters are in Fremont, Calif. Tesla is supplying the facility’s utility-scale batteries, which allow the solar energy generated to be directed to the grid during peak demand.
Construction of the facility is well underway, with commercial operations scheduled for the third quarter of 2024. San Diego-headquartered SOLV Energy is performing the construction activities.
The post Vikings Solar-Plus-Storage Development Nets Financing appeared first on Solar Industry.
Well, if I had the IQ of a squirrel and believed that Fauci colluded with hundreds of other top scientists around the world to enslave the planet’s population, I would jump right on board.
Doesn’t work for me, though.
Today, however, belief in science and reason makes me a communist.
If you want a steady stream of information about the supposed value that ExxonMobil is bringing to the world, you may want to sign up for this.
These people are playing for keeps, btw. They’re destroying a little piece more of this planet every day, and they understand that completely.
But there is money at stake. Lots of it.
ExxonMobil Has a PR Campaign that Will Appeal to Some People
To the reader who sent me this meme:
I wouldn’t say that Trump’s illegal invasion of Iran was done for “no … reason.”
What he did created world chaos and caused most Americans in particular to suffer. The more desperate we become, the more likely we’ll be to accept his repeated claims that “Only I can fix it.”
Chaos also helps to justify a claim of a “national emergency” that Trump could use to cancel the 2026 midterms. If November happens as everyone predicts, this will the end of his political and legal future.
Destroying renewable energy to further enrich his Big Oil megadonors makes Trump that much more powerful.
We’re in a pathetic position.
I’m not one to say, “I told you so,” but since my adolescence, I predicted that big money in government would soon ruin this country.
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