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

The $920 million financing package for Arevon Energy's 300 MW / 1,200 MWh Nighthawk Energy Storage Project in California represents a substantial capital commitment to standalone battery storage infrastructure. This significant investment enables Arevon, an established developer with over 3,500 MW of operational assets, to advance a large-scale, four-hour duration battery system crucial for California's grid stability. The project's 1,200 MWh capacity directly addresses peak demand and renewable intermittency challenges within the California market, a region actively decarbonizing its power sector. Securing nearly a billion dollars in financing for a single storage asset demonstrates the increasing bankability and maturity of utility-scale battery technology as a standalone infrastructure class. Goldman Sachs Alternatives' participation, managing over $450 billion in AUM, highlights institutional investor appetite for large-scale energy infrastructure, specifically in the US storage sector. The diverse lending syndicate, including global players like Santander, ING Capital LLC, CIBC, and NORD/LB, alongside US-based Zions Bancorporation ($87.5 billion in assets), demonstrates broad financial market confidence in Arevon's project execution and the underlying asset class. Legal counsel from Latham & Watkins and Sheppard for Arevon, and Milbank, Norton Rose Fulbright (with prior solar/storage financing experience in Australia), and Allen Matkins for the lenders, indicates the complex structuring required for a $920 million project finance deal. This financing package allows Arevon to expand its operational footprint beyond its current 3,500 MW, further establishing its role as a prominent developer and operator of utility-scale storage in the United States.