California solar + storage project secures $1.1 billion in financing

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Arevon Energy has secured $1.1 billion in aggregate financing commitments for its Eland 2 Solar + Storage Project in Kern County, California.

Renewable energy project developer Arevon Energy has secured $1.1 billion in aggregate financing commitments for its Eland 2 Solar + Storage Project in Kern County, California. The 374-MWDC solar project coupled with 150 MW/600 MWh of energy storage is under early-stage construction and is anticipated to come online in Q1 2025.

Wells Fargo provided a $431 million tax equity commitment. Arevon obtained $654 million of debt financing including a construction-to-term loan, a tax equity bridge loan and letter of credit facilities. Canadian Imperial Bank of Commerce (CIBC) served as the Administrative Agent, Coordinating Lead Arranger, Green Loan Coordinator, and Bookrunner. Other Coordinating Lead Arrangers included BNP Paribas, CoBank, Commerzbank AG, Commonwealth Bank of Australia, and National Bank of Canada. J.P. Morgan served as Joint Lead Arranger, Collateral and Depositary Agent. Amis, Patel & Brewer, LLP represented Arevon as Sponsor Counsel; Milbank LLP served as Lender Counsel; and Sheppard Mullin served as Tax Equity Counsel.

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Source: Solar Power World

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