Arevon Energy has completed financing for its 200 MW/ 400 MWh Peregrine energy storage project. Peregrine is a battery energy storage system (BESS) project located in the Barrio Logan community of San Diego, California. Arevon secured a $179 million debt package for the project, which will serve as a bridge to a preferred equity and tax credit transfer takeout.
Furthermore, Santander acted as the administrative agent and coordinating lead arranger, along with CoBank and ACB, for the project. Acadia Infrastructure Capital structured and sourced a $79 million preferred equity commitment for the project, which affected the initial mechanical completion funding. The project is expected to be online in 2025.
Earlier in February 2024, Arevon Energy and Blackstone Credit & Insurance announced a successful financial close for the 200 MW /800 MWh Condor Energy Storage Project in California. The project features Megapack 2 XL, Tesla’s utility-scale battery system.
