US Roundup: Over US$2 billion of financing updates from Arevon, Primergy and Gridstor

Currently under construction, GridStor’s second project in Texas is on track to be placed in service in late 2026. In November 2025, GridStor’s Hidden Lakes Reliability Project, a 220MW/440MWh BESS in Galveston County, Texas, began operations. 

According to the company, the Gunnar BESS construction has employed more than 100 people, and once it is operational, it will provide power to the Lower Rio Grande Valley region of the Electric Reliability Council of Texas (ERCOT) market.

In February 2025, GridStor acquired the Hidalgo County BESS from developer Balanced Rock Power (BRP). Hidalgo County also hosts the 200MW/400MWh Anemoi standalone BESS, developed by Plus Power, which was cleared for operation in June 2024.

Earlier this year, Energy-Storage.news Premium spoke with Daniel Dedrick, GridStor’s CTO, about the company’s strategies for navigating FEOC and Section 301 tariffs.

Dedrick noted that the Gunnar BESS and the company’s 100MW/400MWh White Tank Reliability Project in Arizona “have all major equipment onshore and are under construction, with commercial operations planned to start in the first half of 2027.”

NORD/LB has previously partnered with GridStor to provide a letter of credit facility for its portfolio development and to finance its 60MW/160MWh Goleta Energy Storage Project located in Santa Barbara County, California.

Arevon closes US$920 million for 1,200MWh California BESS

Renewables developer-operator Arevon Energy has closed a US$920 million financing package for its 300MW/1,200MWh Nighthawk Energy Storage Project in Poway, California.

The financing package includes a US$482 million debt facility coordinated by Canadian Imperial Bank of Commerce (CIBC) as the lead arranger, with contributions from ING Capital LLC, NORD/LB, Santander, and Zions Bancorporation.

It also includes a US$169 million preferred equity investment, arranged with Goldman Sachs Alternatives, to streamline the monetisation of tax credits, and a US$268 million tax credit transfer agreement with a corporate buyer.

Last summer, the company announced that construction had started on the project. California-based electrical contractor Rosendin is responsible for building Nighthawk for Arevon, which the company says employed over 130 workers at the peak of construction.

Arevon will own and operate Nighthawk, which the company claims will generate over US$30 million in property taxes during its lifetime, funding schools, infrastructure, and public services.

Nighthawk utilises lithium iron phosphate (LFP) battery cells and has a long-term agreement with utility Pacific Gas and Electric (PG&E) to provide resource adequacy capacity.

Arevon highlights its support for the local community through various initiatives, such as a US$2 million community fund for Poway, assistance to the Rancho Family YMCA, membership in the Poway Chamber of Commerce, and several other efforts.

In an interview with ESN Premium, Arevon’s former CEO, Kevin Smith, spoke about the importance of community engagement in developing BESS projects, saying:

“Our philosophy is to go in, day one, with our community relations team and look at how we can help the community. At some point, we’ll hit a bump along the road and will need some help from community leaders. If we haven’t been a participant, it’s too late.”

At the end of February, Smith resigned as CEO, and COO Justin Johnson, who spoke with ESN Premium in January about Section 301 tariffs and FEOC, was appointed as interim CEO. Meanwhile, Smith has since been appointed CEO at solar and energy storage developer-owner-operator Cypress Creek Renewables.

Primergy secures US$760 million refinancing for Gemini solar and storage

Primergy, a renewable energy development platform launched by Quinbrook Infrastructure Partners, has secured a US$760 million refinancing of its Gemini Solar and Storage Project in Clark County, Nevada.

The US$760 million refinancing was secured through a US$600 million private placement of senior secured notes and a US$160 million letter of credit facility.

Gemini is a 690MWac solar PV project paired with 380MW/1,400MWh of BESS, which Primergy claims as the largest co-located, single-phase project operating in the US.

Primergy says the 24-year fully amortising Note financing offers long-term stability and removes the risk of future refinancing.

The notes are supported by reliable cash flows from an existing 25-year power purchase agreement (PPA) and a 10-year production tax credit transfer deal.

BofA Securities, KeyBanc Capital Markets, and MUFG Securities Americas served as lead placement agents for the notes, with their affiliates acting as issuing banks for the letter of credit facility.

BNP Paribas Securities Corp. and SMBC Nikko Securities America acted as co-agents for the notes.

Gemini came online in 2024. The project uses lithium-ion and BESS manufacturer CATL’s technology. System integrator IHI Terrasun put the project together.

The solar and BESS at Gemini are DC-coupled, enabling the BESS to charge directly from solar energy. This setup enhances efficiency by reducing energy losses, as the solar energy does not need to pass through a DC-AC inverter to reach the BESS.

Speaking with ESN Premium, Ty Daul, CEO of Primergy, said of the complexity of a DC-coupled project of this size, “We spent probably a year and a half just focusing on making sure we had all of the integration right, [that] we understood the operations, working through very detailed design, way before we started even procuring the equipment for the project.”

Daul continued, “Making sure that the systems were responding as required and balancing throughout the site. Being DC-coupled, we don’t have a big single location where all the batteries are; there are 181 power blocks that have batteries throughout the site. Making sure that the entire system works well together, the DC-coupling and that interaction on the control system and everything.”

The Energy Storage Summit USA 2026 will be held from 24-25 March 2026, in Dallas, TX. It features keynote speeches and panel discussions on topics like FEOC challenges, power demand forecasting, and managing the BESS supply chain. ESN Premium subscribers can get an exclusive discount on ticket prices. For complete information, visit the Energy Storage Summit USA website.