Over $1 billion in total funding commitments were obtained by Arevon Energy, Inc., a renewable energy developer, owner, and operator with offices in Scottsdale, AZ and New York City.
Arevon raised this $1.1B for its Eland 2 Solar-plus-Storage Project located in Kern County, California.
$431 million in tax equity was committed by Wells Fargo. In addition to a tax equity bridge loan, Arevon also secured $654 million in letter of credit facilities and construction-to-term finance.
The Administrative Agent, Coordinating Lead Arranger, Green Loan Coordinator, and Bookrunner were all provided by Canadian Imperial Bank of Commerce (CIBC). BNP Paribas, CoBank, Commerzbank AG, Commonwealth Bank of Australia, and National Bank of Canada were among the other Principal Arrangers in charge of coordination.
Energy storage will be used by Eland 2 to supply electricity for a longer duration each day, yielding 200 MWac to meet Southern California’s power requirements. The Megapack 2 XL battery system from Tesla improves the solar energy produced by this project and guarantees reliable and seamless power continuity, especially during periods of high demand.
Arevon Energy is a clean energy provider in North America, offering clean energy to utilities and businesses. It develops, builds, finances, owns, and runs sustainable energy projects using methods and technology.
Over 3,500 megawatts (MW) of solar, storage, and hybrid solar + storage assets are owned and operated by the company nationwide. With more than 1,900 MW in service and more than 1,000 MW under construction, it is a pioneer in renewable energy in California.
Arevon is developing projects with capacity over 6 gigawatts, which will let the company to supply households and businesses with more affordable, clean energy.
