Arevon Energy announced the commencement of operations at its Eland 1 Solar plus Storage Project in Kern County, California. This is a 384 MWdc solar project with a 150 MW/600 MWh energy storage system.
The second phase of this solar-plus-storage project, Eland 2, is currently under construction and is expected to become operational by the first quarter of 2025. Upon completion, Eland 1 and Eland 2 will have a combined capacity of 758 MWdc of solar power and 300 MW/1,200 MWh of energy storage. The total capital cost of these projects exceeds $2 billion.
In February 2024, Arevon Energy secured over $1 billion in financing for the Eland 2 project. Wells Fargo committed $431 million in tax equity, while Arevon obtained $654 million in debt financing, including construction-to-term loans, tax equity bridge loans, and letter of credit facilities.
