Arevon Energy, a leading renewable energy developer, secured more than USD 1 billion for its Eland Solar and battery energy solar projects in Kern County, California. The 374 MW solar project combined with 150 MW/600 MWh of energy storage is under early-stage construction.  Furthermore, it is anticipated to commence operations by 2025.

Upon completion, Eland 2, combined with its companion project Eland 1, will establish itself as one of the largest power plants within Arevon's portfolio. This combined project boasts an impressive 751 MW of solar electricity generation capacity and a remarkable 300 MW/1,200 MWh of energy storage, significantly contributing to California's clean energy ambitions.

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Daniel Murphy, Director of Project Finance at Arevon, remarked: “The Eland 2 financing is an amazing accomplishment after Eland 1, which achieved financial close in 2022. Both projects are excellent examples of Arevon’s ability to execute large, complex transactions. I’m proud of our team’s achievement and grateful to our valued partners as we continue to complete successful transactions in this increasingly intricate space. ”

Objectives and Background of the Project 

California has established ambitious renewable energy goals, aiming to achieve 100% carbon-free electricity by 2045. To meet these targets, the state requires significant investments in clean energy infrastructure, including large-scale solar and storage projects. Eland 1 is already under construction and is expected to be operational in 2024. Together, they will form one of the largest power plants in Arevon's portfolio and a significant contributor to California's clean energy goals.

Primary objectives include:

• Increase Renewable Energy Generation
• Enhance Grid Reliability and Integration
• Demonstrate the Viability of Large-Scale Solar-Plus-Storage Solutions

Financing for the Project

Arevon secured substantial funding through a combination of tax equity and debt financing. Wells Fargo provided a significant USD 431 million tax equity commitment, demonstrating confidence in the project's potential. Additionally, Arevon obtained USD 654 million in debt financing, encompassing a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities. 

The Canadian Imperial Bank of Commerce (CIBC) played a crucial role as the administrative agent, coordinating lead arranger, green loan coordinator, and bookrunner, facilitating the successful financial closing.

About Arevon Energy

Arevon Energy, Inc. is a prominent player in the renewable energy sector, established with a clear mission: to develop, own, and operate clean energy projects that deliver sustainable solutions for utilities and corporations across North America.

Arevon boasts a comprehensive portfolio exceeding 6 gigawatts of projects under development, showcasing their commitment to expanding clean energy infrastructure. To further learn more about upcoming and ongoing renewable energy projects executed by Averon, refer to our US renewable energy database.

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