Arevon Energy has secured more than $1 billion in aggregate financing commitments for Eland 2 Solar-plus-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 the first quarter of 2025.
Furthermore, 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 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.
Additionally, under a long-term power purchase agreement with Southern California Public Power Authority, Eland 2 will provide 200 MWac of electricity to serve the power needs of Southern California, utilising energy storage to provide electricity over an extended period each day. The solar energy generated by this project is enhanced by Tesla’s Megapack 2 XL battery system, which ensures seamless power continuity and reliability particularly during peak-demand periods. San Diego-based SOLV Energy is the project’s EPC contractor.
