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.
What we have here in the United States, in terms of money in politics, is a full-on disease. Tax cuts for billionaires, corruption and the uber-rich’s ownership of our lawmaking processes, the destruction of our educational system, institutionalized racism, the rejection of science, limited access to healthcare, and devastation of the natural environment are all heading this nation to a horrible end.
Is there hope? Many young and energetic people believe there is.
Is It Healthy for Our Country to Allow Billionaires to Own Congress?
About 40 years ago, I used to lie in bed on Sunday mornings with my coffee and Los Angeles Times opened to the real estate section: “Homes in Other States.” I recall voicing some level of buyer’s remorse, having just paid more for a who-cares house in Southern California, where I could have bought half a county in Oklahoma or Mississippi.
My girlfriend at the time, now my wife, would ask me, “But do you think you’d be happy living in West Virginia, with some of the most poorly-educated people in the country? Do you think that would forward your career and your overall life satisfaction?” She had a point, to be sure.
Today’s MAGA conspiracy theorists will tell you that people are leaving California in droves, because of things like environmental regulations. Yet that doesn’t explain why the Golden State, if it were a country, would have the fourth largest economy on the planet, and a house here identical to one in Alabama whose value there may be $200K would fetch about $1.2 million here.
People don’t come here for the wide-open freeways. We’re here for the beauty, the sophistication of so many people, highly educated people, and unparalleled business opportunities.
There’s a reason that Google, Oracle, Apple, Nvidia, Adobe, Salesforce, Facebook, Visa, Wells Fargo, Disney, etc. aren’t located in Arkansas or Louisiana.
At left we have John Fetterman talking to people so stupid they’ll believe that it would have been wrong for the British colonists to oppose King George III in the late 18th Century, or for the people of Germany and Italy in the 1930s to stand up against Hitler and Mussolini. What about the people in today’s dictatorships, i.e., the people in Russia, China, North Korea, or any of the other 50+ authoritarian regimes around the world?
Morons tend to agree with the loudest, most aggressive voice of nationalism, regardless of how little sense it makes.
It’s a great moment of opportunity for Fetterman.
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