Arevon lands US$1.1 billion package for California solar PV and 600MWh BESS project

LinkedIn
Twitter
Reddit
Facebook
Email

Renewables developer and operator Arevon Energy has secured US$1.1 billion in debt and tax equity financing for a solar-plus-storage project in California, which features a 150MW/600MWh BESS.

Wells Fargo provided a US$431 million tax equity commitment, while Arevon obtained US$654 million of debt financing including a construction-to-term loan, a tax equity bridge loan and letter of credit facilities. The package will go towards the construction of the 374MWdc Eland solar project.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Located in Kern County, California, the Eland 2 solar-plus-storage project is under early-stage construction and is expected to come online in the first quarter of 2025. Arevon Energy signed a long-term power purchase agreement (PPA) with Southern California Public Power Authority for the project, providing 200MWac of electricity to Southern California.

The project will also use Tesla’s Megapack 2 XL for the battery energy storage system (BESS) portion. US engineering, procurement, and construction (EPC) contractor SOLV Energy will be the project’s EPC contractor.

To see the full version of this article go to PV Tech.

Read Next

Premium
July 25, 2025
California’s largest electric utility is continuing its push to establish a net-zero energy system by 2040, finalising an offtake agreement for 1.8GWh of battery storage capacity with Aypa Power.
July 25, 2025
Google has partnered with and made a strategic investment in carbon dioxide-based long-duration energy storage (LDES) company Energy Dome.
Premium
July 23, 2025
Developer Rhynland Energy has applied to Massachusetts’ energy regulator for approval of a 180MW/720MWh standalone BESS, to the dismay of local authorities in the Town of Oakham.
July 23, 2025
Optimiser GridBeyond, over the summer, began operating the 200MW/400MWh Big Rock Battery Energy Storage System (BESS) in El Centro, California, with Gore Street Energy Storage Fund (GSF).
July 23, 2025
Australian renewable energy developer Edify Energy has confirmed that the 185MW/370MWh Koorangie battery energy storage system (BESS) in Victoria is fully operational.

Most Popular

Email Newsletter