Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home News

California solar + storage project secures $1.1B financing

editor by editor
February 29, 2024
in News, Solar
Reading Time: 2 mins read
0
Arevon Energy
Share on FacebookShare on TwitterShare on Linkedin

Renewable energy project developer Arevon Energy has secured $1.1 billion in aggregate financing commitments for its Eland 2 Solar + Storage Project in Kern County, California. The 374-MWDC solar project coupled with 150 MW/600 MWh of energy storage is under early-stage construction and is anticipated to come online in Q1 2025.

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 (CIBC) 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, LLP represented Arevon as Sponsor Counsel; Milbank LLP served as Lender Counsel; and Sheppard Mullin served as Tax Equity Counsel.

RELATED POSTS

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

Shweta Solar set to unveil 1.2 GW Advanced Solar Module Manufacturing Facility in NCR

“Solar + storage projects – like our flagship Eland 1 and 2 facilities – play an important role in Arevon’s strategy. 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,” said Kevin Smith, CEO at Arevon. “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.”

Eland 2, combined with the project’s first phase, Eland 1, collectively represent one of the largest power plants in Arevon’s portfolio. When completed, they will be one of the largest operating solar + storage installations in the country with 751 MWDC of solar electricity generation and 300 MW/1,200 MWh of energy storage.

Under a long-term PPA with Southern California Public Power Authority, Eland 2 will provide 200 MWAC of electricity to serve the power needs of Southern California, utilizing energy storage to provide electricity over an extended period each day. The battery portion is supported by Tesla’s Megapack 2 XL battery system. SOLV Energy is the project’s engineering, procurement, and construction (EPC) contractor.

Tags: Arevon EnergyCIBCHybrid power plantsinfrastructureRenewable Energy
ShareTweetShare
editor

editor

Related Posts

Vikram Solar

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

by Palak
September 8, 2025
0

Kolkata – Vikram Solar has announced a major order win of 336 MW high-efficiency solar modules from L&T Construction. These...

Shweta Solar

Shweta Solar set to unveil 1.2 GW Advanced Solar Module Manufacturing Facility in NCR

by Palak
September 5, 2025
0

New Delhi : Shweta Solar Pvt. Ltd. (Shweta Solar) is all set to launch a new 1.2 GW solar module manufacturing...

Hype Studio Partners

The Hype Studio Partners with Kaydence Media Ventures to Boost Advocacy and PR Leadership

by Palak
September 4, 2025
0

New Delhi – The Hype Studio, an elite communications and PR consultancy known for its tailored, insight-driven strategies, today announced...

Zaggle and Standard Chartered Partner to Revolutionize Corporate Spend Management

by Palak
September 4, 2025
0

Mumbai, Maharashtra, India - Zaggle Prepaid Ocean Services Limited (Zaggle) announced a partnership with Standard Chartered Bank. Under the partnership,...

JSW Energy

JSW Steel Awards Repeat 220kV Cable Project to Sharika Enterprises at Dolvi

by Palak
September 3, 2025
0

New Delhi : Sharika Enterprises Limited (SEL) has announced that it has secured a repeat order from JSW Steel Limited for...

Next Post
Chiko USA

Chiko USA gains UL 3741 approval for residential solar racking

Climate First Bank

Climate First Bank cuts solar loan rates

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Mr. Raman Bhatia with Jerry Nie Sino Zhuhai Piwin New Energy Co., Ltd

Servotech Renewable Power Partners with Zhuhai Piwin New Energy in Exclusive Deal

September 8, 2025
Vikram Solar

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

September 8, 2025

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

Servotech Renewable Power Partners with Zhuhai Piwin New Energy in Exclusive Deal

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

What Are the Latest Technological Innovations in Fuel Cell Vehicles?

Shweta Solar set to unveil 1.2 GW Advanced Solar Module Manufacturing Facility in NCR

Transmission Lines: Myths, Facts, and Why They Matter for Powering India’s Future

UAE Energy Undersecretary Visits Tellus Power Globe Holding’s Hong Kong Office

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved