Arevon Energy Secures $1.1 Billion for Massive Solar-Plus-Storage Project in California
US-based renewables asset manager Arevon Energy has successfully secured a monumental $1.1 billion investment for its ambitious solar-plus-storage project, Eland 2, situated in Kern County, California. This funding marks a significant milestone for renewable energy initiatives in the region.
The financing for the project includes a substantial $431 million tax equity commitment from Wells Fargo, alongside $654 million in debt financing, comprising a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities, facilitating the project's early-stage construction.
Scheduled to come online in the first quarter of 2025, Eland 2 represents a major leap towards sustainable energy solutions, with a capacity of 374MWdc of solar power coupled with 150MW/600MWh of energy storage. Arevon Energy has inked a long-term power purchase agreement (PPA) with the Southern California Public Power Authority, ensuring the delivery of 200MWac of electricity to Southern California.
The project boasts the utilization of Tesla's cutting-edge Megapack 2 XL battery system and is being executed by leading US engineering, procurement, and construction (EPC) contractor SOLV Energy. Arevon Energy anticipates that both phases of the project, Eland 1 and Eland 2, will collectively rank among the largest power plants in its extensive portfolio.
With its completion, Eland 2 will emerge as one of the largest operational solar-plus-storage installations nationwide, generating 751MWdc of solar electricity and storing 300MW/1,200MWh of energy. This milestone underscores Arevon Energy's commitment to advancing renewable energy infrastructure and marks a significant stride towards a more sustainable future.
Source: pv-tech.org
