Arevon Energy, Inc., a NYC- and Scottsdale, AZ-based renewable energy developer, owner, and operator, secured over $1 Billion in aggregate financing commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California.
Wells Fargo provided a $431M tax equity commitment. Arevon obtained $654M 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.
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 solar energy generated by this project is enhanced by Tesla’s Megapack 2 XL battery system, which ensure seamless power continuity and reliability particularly during peak-demand periods.
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 an operating solar-plus-storage installation in the country with 751 MWdc of solar electricity generation and 300 MW/1,200 MWh of energy storage.
Arevon Energy is a renewable energy company, supplying clean energy to utilities and corporations across North America. It uses approaches and technology to develop, build, finance, own, and operate clean energy projects. The company owns and operates more than 3,500 megawatts (MW) of solar, storage, and solar + storage hybrid assets across the country. It is a renewable energy leader in California with more than 1,900 MW in operation and more than 1,000 MW in construction.
Arevon has a portfolio of more than 6 gigawatts of projects in development which will enable the company to provide more clean, cost-effective energy to homes and businesses.
FinSMEs
22/02/2024