Arevon Energy Inc, a renewable energy company, announced today that it has successfully secured the necessary financing for a 157-MW DC solar peaker plant project and a battery energy storage system (BESS) in California.
Arevon has secured a commitment with JP Morgan to provide USD 191 million in investment tax credits and production tax credits. Additionally, a USD-338-million debt facility has been arranged with MUFG, BNP Paribas, Sumitomo Mitsui Banking Corporation, and First Citizens Bank, with participation from the National Bank of Canada as a lending partner.
The project, known as “Vikings,” is situated in Imperial County, southeastern California. The solar power plant, which will utilize First Solar PV modules and solar trackers from Nextracker, will be integrated with a 150-MW/600-MWh battery system using Tesla technology.
Construction work is currently underway, managed by SOLV Energy. The site is expected to become operational in the third quarter of 2024, with the capacity to power up to 50,000 homes. A power purchase agreement (PPA) has been established with San Diego Community Power (SDCP), underlining the project's contribution to California's renewable energy goals.