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

CleanMax, Toyota Tsusho India Partner for Clean Energy Supply to Japanese Firms

Magenta Mobility Joins Forces with MOVER to Drive Green Last-Mile Deliveries Across India

“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

CleanMax, Toyota Tsusho

CleanMax, Toyota Tsusho India Partner for Clean Energy Supply to Japanese Firms

by Palak
July 1, 2025
0

Mumbai : CleanMax, a Brookfield-backed company and one of the leading Indian renewable energy and net-zero solution providers for the Commercial...

Magenta Mobility

Magenta Mobility Joins Forces with MOVER to Drive Green Last-Mile Deliveries Across India

by Palak
July 1, 2025
0

Mumbai : Magenta Mobility has entered into an exclusive partnership with MOVER, a fast-growing logistics-tech company that supports SMEs and direct-to-consumer brands...

Eurowind Energy

Eurowind Energy Invests €174.8 Million to Develop 220 MW Solar Park in Romania

by Palak
June 30, 2025
0

Eurowind Energy will develop a 220 MW solar park in Romania’s Vișina, Dâmbovița County. The total investment in the solar...

Premier Energies

Premier Energies Commissions 1.2 GW TOPCon Solar Cell Manufacturing Line in Telangana

by Palak
June 30, 2025
0

Premier Energies Limited has commissioned a new 1.2 GW tunnel oxide passivated contact (TOPCon) solar cell manufacturing line at its...

World Bank

World Bank and IAEA Ink Pact to Promote Safe Nuclear Energy in Developing Nations

by Palak
June 28, 2025
0

The World Bank has signed a memorandum of understanding with the International Atomic Energy Agency (IAEA) to advance the safe...

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

Alkaline Battery Market

How the Alkaline Battery Market Is Powering Growth in Consumer Electronics?

July 1, 2025
Servotech x BIAL

Servotech Renewable to Deploy 10 Fast EV Chargers at Bengaluru Airport for Airside Operations

July 1, 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

How the Alkaline Battery Market Is Powering Growth in Consumer Electronics?

Servotech Renewable to Deploy 10 Fast EV Chargers at Bengaluru Airport for Airside Operations

E-Mobility Careers: India’s Next Big Growth Opportunity

CleanMax, Toyota Tsusho India Partner for Clean Energy Supply to Japanese Firms

Magenta Mobility Joins Forces with MOVER to Drive Green Last-Mile Deliveries Across India

Augwind Plans Germany’s First Commercial-Scale Air Battery for Multi-Month Energy Storage

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