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.
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.
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