California solar + storage project secures $1.1 billion in financing

,
Arevon Energy has secured $1.1 billion in aggregate financing commitments for its Eland 2 Solar + Storage Project in Kern County, California.

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.

Click here to read the full article
Source: Solar Power World

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

/0 Comments/by
You might also like
Valley Children’s Hospital in Madera, CA is retiring its diesel generators in favour of a solar microgrid with long-duration energy storage.California Children’s Hospital replaces diesel plant with solar+storage microgrid
US companies Elapath Energy and RenewableErgon are teaming up to develop a 150 MW solar project in Taiwan.US partners launch 150 MW solar project in Taiwan
Reflect Orbital aims to revolutionize solar power by capturing, storing, and trading sunlight, extending its use beyond daylight hours.California start-up offers night-time solar power
Bridge Renewable Energy, Solaris Energy and WATTMORE closed an 1.8MW of solar+storage projects on the Rincon ReservationSolar+storage project for Rincon Reservation underway
Data from the CEC highlight California’s continued progress toward building a more resilient grid, achieving 100% clean electricity and meeting the state’s carbon neutrality goals.Last decade saw solar generation boom, natural gas slowdown in California
Major corporations from oil and gas companies to retail giants would have to disclose their direct greenhouse gas emissions under legislation passed Monday by California lawmakers.California legislators approve America’s most expansive greenhouse gas emissions disclosure rules for big business
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.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