Arevon Energy secures $1.1 billion to finance Eland 2 Solar-plus-Storage project

Type: Financing · Technology: Solar, Storage · Country: United States · Capacity: 374 MW · Value: $1.1B · Announced: 2024-02-23

Arevon Energy secured $1.1 billion in aggregate financing commitments (including $431M tax equity from Wells Fargo and $654M of debt facilities led by CIBC and others) to develop the 374 MW solar and 150 MW / 600 MWh co-located storage Eland 2 project in Kern County, California, with a 200 MW PPA to the Southern California Public Power Authority and commercial operations expected Q1 2025.

Counterparties

• Canadian Imperial Bank of Commerce (Lender)
• Arevon Energy, LLC (Developer)
• J.P. Morgan Chase & Co (Lender)
• Commonwealth Bank of Australia (Lender)
• Southern California Public Power Authority (Offtaker)
• BNP Paribas (Lender)
• Commerzbank AG (Lender)
• National Bank of Canada (Lender)
• Wells Fargo & Company (Investor)
• CoBank, A CBK (Lender)

Source article

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