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

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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.

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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.

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