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.
We have hundreds of convicted criminals on the streets due to Trump’s pardons. We have a quagmire in Iran due to Trump’s pointless and illegal war. The United States is viewed internationally with a blend of pity, contempt, and ridicule.
These were some dark days in U.S. history, but they seem bright and shiny in comparison to today.
Nixon didn’t storm the Capitol in an attempt to overthrow the government, nor did he hand out pardons for cash.
Renewable Energy
John Eastman, One of Trump’s Attorney Henchmen in an Attempt to Overthrow the U.S. Government, Is Disbarred
In April of this year, the California Supreme Court disbarred attorney John Charles Eastman. This after the State Bar Court Review Department in July 2025 affirmed the findings of the State Bar Court Hearing Department’s March 2024 recommendation, which found Eastman culpable of 10 out of 11 charges for egregious and deceitful conduct and recommended his disbarment.
Apparently, certain bodies within the United States are still trying to maintain justice here in America.
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