The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

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


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

April 23, 2024
The energy storage arm of Canadian Solar said the technology ‘has more complexity than solar’ when it comes to nearshoring manufacturing away from China, and local cell manufacturing could be part of the long-term strategy to leverage domestic content incentives.
April 23, 2024
NGK Insulators will provide 72 containerised sodium-sulfur (NAS) battery storage units to a green hydrogen production plant in Germany.
April 23, 2024
Croatia will provide some €500 million (US$534 million) in subsidies for battery energy storage system (BESS) technology, a government minister said.
April 23, 2024 Premium speaks with Michael Phelan, CEO of energy management solutions provider GridBeyond, following €52 million Series C funding round.
April 22, 2024
Dutch developer Giga Storage has received a permit for construction for its 600MW/2,400MWh BESS project in neighbouring Belgium and will choose the BESS technology provider after summer.

Most Popular

Email Newsletter