Arevon Energy closes $920 million financing package for Nighthawk Energy Storage Project in California

Arevon Energy has secured a $920 million financing package for its 300 MW / 1,200 MWh Nighthawk Energy Storage Project in Poway City, San Diego, California. The package includes a $482 million debt facility arranged by CIBC and other lenders, a $169 million preferred equity investment from Goldman Sachs Alternatives, and a $268 million tax credit transfer commitment. This financing supports the deployment of critical battery storage infrastructure, which will provide resource adequacy capacity to Pacific Gas and Electric Company under a long-term agreement.

Counterparts (13)

Lender

Santander

company · 7 deals

Banco Santander is a global financial institution offering a range of services including retail banking, corporate and investment banking, asset management, and consumer finance. The company focuses on building lasting loyalty among its shareholders and supporting education, employability, and entrepreneurship.

Zions Bancorporation

company

Salt Lake City-based Zions Bancorporation is a bank holding company with approximately $87.5 billion in total assets as of 2023. It provides a full range of commercial and retail banking services to clients primarily across the Western United States.

ING Capital LLC

company · 1 deals

ING is a global bank with a strong European base, offering retail and wholesale banking services. They provide specialized lending, corporate finance, debt and equity market solutions, sustainable finance solutions, payments, cash management, and trade and treasury services.

CIBC

company · 2 deals

CIBC is a Canadian multinational banking and financial services company. The company provides a range of financial products and services to personal, business, commercial, and wealth management clients.

NORD/LB

company · 1 deals

NORD/LB is a German Landesbank that provides a range of financial services to corporate customers, savings banks, and private investors. They are involved in structured finance, syndications, investment solutions, and financial markets.

borrower

Arevon Energy

company

Scottsdale-based renewable energy developer, owner, and operator focused on utility-scale solar, battery storage, and hybrid projects across the United States. The company manages over 3,500 MW of operating assets and 6,000 MW of projects under construction and in advanced development.

Investor

G

Goldman Sachs Alternatives

company

Goldman Sachs Alternatives is a global investment platform within Goldman Sachs Asset Management, managing over $450 billion in AUM across private equity, private credit, real estate, and infrastructure. It invests in energy transition, digital infrastructure, transport, and utilities globally, focusing on brownfield and operating assets with selective greenfield opportunities.

advisor

C

CG/CRC-IB

company

Buy-Side Legal

Latham & Watkins

company · 1 deals

Latham & Watkins is a global law firm that advises businesses and institutions. They bring together legal talent in major jurisdictions to shape deals and resolve disputes.

S

Sheppard

company

Los Angeles-headquartered international law firm founded in 1927 with over 1,000 attorneys globally. Provides legal counsel across various sectors, including significant involvement in energy, infrastructure, and project finance deals.

Sell-Side Legal

Allen Matkins

company

Allen Matkins is a California-based full-service law firm providing legal counsel for complex real estate, energy, infrastructure, and land use projects across the U.S. The firm advises clients on project development, financing, M&A, and regulatory compliance.

Norton Rose Fulbright

company · 2 deals

Norton Rose Fulbright advised on one financing deal in Australia, specifically Revera Energy's $150M facility upsize. This deal focused on solar, storage, and hydrogen technologies, with the firm providing legal counsel.

Milbank

company

Milbank is a global law firm with over 700 lawyers, specializing in complex transactions, including project finance, M&A, and capital markets across the energy and infrastructure sectors worldwide. The firm advises sponsors, lenders, and governments on major projects.