USD529 million financing received for 150 MW/600 MWh Solar & battery energy storage project in USA

Arevon has completed the financing for a 157 MWdc of solar coupled with 150 MW/600 MWh of battery energy storage project in California, US.

Arevon has successfully secured a commitment from J.P. Morgan for the acquisition of US$191 million in investment tax credits and production tax credits. Additionally, a US$338 million debt facility has been arranged with Coordinating Lead Arrangers MUFG, BNP Paribas, Sumitomo Mitsui Banking Corporation, and First Citizens Bank, with the National Bank of Canada also participating as a lender.

Situated in Imperial County, the Vikings project is contracted to supply resource adequacy and renewable energy to San Diego Community Power, contributing to grid reliability from 2024 onwards.

The project's collaboration with key U.S. manufacturers, sourcing PV modules from First Solar, employing solar trackers from Nextracker, and utilizing utility-scale batteries from Tesla. These batteries enable the directed release of solar energy to the grid during peak demand, providing power to as many as 50,000 homes. With construction well underway, SOLV Energy is overseeing the construction activities. Stoel Rives provided legal counsel for Arevon, while Milbank LLP acted as transfer counsel, and Winston & Strawn LLP served as counsel for the lender.