Luminate’s Post

US company Arevon Energy, Inc. has secured more than $1 billion in aggregate financing commitments for the Eland 2 solar+storage project in Kern County, California. “The Eland 2 financing is an amazing accomplishment after Eland 1 which achieved financial close in 2022,” declared Daniel H. Murphy, Director of Project Finance at Arevon. “Both projects are excellent examples of Arevon’s ability to execute on large, complex transactions. I’m proud of our team’s achievement and grateful to our valued partners as we continue to complete successful transactions in this increasingly intricate space.” The 374 MWdc solar project is co-located with 150 MW / 600 MWh of energy storage. Eland 2 is currently under construction and slated to come online in Q1 2025. Wells Fargo Fargo provided a $431 million tax equity commitment for the project. Arevon secured $654 million of debt financing including a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities. 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. “As a leader in renewable energy projects in the U.S., partnering with companies like Arevon underscores our commitment to helping our clients achieve their sustainability ambitions,” said Ines Serrao, MD and Head of US Renewables at CIBC. Amis Patel Brewer acted as Arevon’s as sponsor counsel, while Milbank LLP served as lender counsel, and Sheppard Mullin Richter & Hampton LLP as the tax equity counsel. Eland 2 is underpinned with a long-term PPA with Southern California Public Power Authority. The energy storage component features Tesla’s Megapack 2 XL battery system. San Diego-based SOLV Energy is the project’s engineering, procurement, and construction (EPC) contractor. “Solar-plus-storage projects – like our flagship Eland 1 and 2 facilities – play an important role in Arevon’s strategy,” commented Kevin Smith, CEO at Arevon. “Hybrid power plants deliver a more reliable, predictable energy yield during peak electricity demand periods, which in turn enables consistent returns across our diverse, multi-gigawatt portfolio." #cleanenergy

US company energyRe has secured $155 million in project financing and a $85 million tax equity commitment for its 108 MWdc Lone Star Solar project and 198MWh battery energy storage system in South Carolina. The Lone Star Solar project is currently under construction and is slated to come online by autumn 2024. Lone Star Solar’s $155 million project financing package includes construction debt, tax equity bridge facility and letter of credit facility with Santander acting as the coordinating lead arranger. Bank of America also committed $85 million in tax equity. energyRE added that Lone Star Solar qualifies for Investment Tax Credits (ITCs) under the Inflation Reduction Act (IRA). “Lone Star Solar reflects energyRe’s commitment to accelerating the U.S. energy transition with reliable, clean power,” said Miguel Angel Prado Balboa, CEO of energyRe. “We are grateful to our financial partners for supporting Lone Star Solar, which will be one of the largest solar and storage facilities in the Southeastern United States. Today’s announcement underscores energyRe’s market leadership and our proven track record of delivering results for our communities.”  “We are delighted to support energyRe in their first U.S. tax equity transaction,” stated Todd Karas, Head of Renewable Energy Finance at Bank of America. “We recognise the Lone Star project as a milestone in energyRe’s growth and a noteworthy development for the State of South Carolina.” energyRe secured a 10-year PPA in January 2023 with Dominion Energy South Carolina (DESC) for Lone Star Solar. Syensqo, formerly part of the Solvay Group, will purchase 100% of the renewable energy certificates (RECs) generated by Lone Star Solar. energyRe currently has more than 700 MW of contracted solar projects in South Carolina and a regional development pipeline of totalling over 7 GW. “Santander is very proud to have supported energyRe in its first U.S. project financing,” added Nuno Dias Andrade, Head of U.S. Global Debt Finance, Santander.   “energyRe has positioned itself as a key player across an array of generation and transmission assets in the U.S., which we know are crucial to decarbonising the energy sector and delivering clean energy jobs. We are truly appreciative of energyRe’s partnership and trust.” #cleanenergy

Lightsource bp Secures $348 Million Financing for Two Utility-Scale Solar Projects in Texas, Bolstering Renewable Energy Portfolio and Energy Security Lightsource bp has successfully closed on a $348 million financing package to support the construction and operation of two utility-scale solar projects in Texas. The portfolio comprises the 163MW Starr Solar project in Starr County and the 125MW Second Division Solar project in Brazoria County. Construction is underway, creating approximately 400 jobs, with both projects expected to come online in 2024. Emilie Wangerman, Head of USA and Chief Operating Officer (interim) at Lightsource bp, commented on the significance of the deal, highlighting its importance in expanding their solar and storage portfolio across the United States. This transaction is the first […] Read the full story here: https://lnkd.in/dcn7Tuhq #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #lightsourcebp #northamerica #renewableenergy #solarenergy

Arevon Energy, Inc. has successfully secured over $1 billion in financing commitments for its #Eland 2 Solar-plus-Storage Project in Kern County, #California. Combining a 374-megawatt solar installation with 150 MW/600 megawatt-hours of #energystorage, the project is in the early stages of construction, targeting operation by Q1 2025. The financial support includes a $431 million tax equity commitment from Wells Fargo and $654 million in debt financing, encompassing a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities. This significant investment will further propel the project towards its #cleanenergy goals. #ArevonEnergy #Eland2Project #SolarEnergy #EnergyStorage #RenewableFinance #SustainableDevelopment #CaliforniaSolar #CleanEnergyInvestment #WellsFargo #RenewablePower #California Read more: https://lnkd.in/dJpUmX7U

Today, Arevon Energy, Inc. announced the more than $1 billion financial close for the Eland 2 Solar-plus-Storage Project located in Kern County, California. The aggregate financing package includes a $431 million tax equity commitment from Wells Fargo. The $654 million of debt financing includes a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities and was secured by CIBC, BNP Paribas, CoBank, Commerzbank AG, Commonwealth Bank, National Bank of Canada, and J.P. Morgan.   When completed, Eland 2 and Eland 1, the project’s initial phase, will be one of the largest operating solar-plus-storage installations in the country. They are also amongst the largest hybrid power plants in Arevon’s portfolio – a combined total of 751 megawatts (MWdc) of solar electricity generation and 300 MW/1,200 megawatt hours of energy storage.    Eland 2 follows Vikings and Condor as notable finance achievements by the Arevon team and our financial partners. Our CEO Kevin Smith remarked, “Hybrid power plants play an important role in our strategy, as predictable energy yield enables consistent returns across our diverse, multi-gigawatt portfolio. The Eland projects highlight our team’s financial strength, industry expertise, and thoughtful approach to fostering a sustainable energy infrastructure.” (Photo represents Eland 1)

Arevon Secures $1 Billion Financing for Eland 2 Solar-plus-Storage Project, Elevating Renewable Energy Storage Leadership - https://lnkd.in/dMu_CCjk Average reading time for this story is 2 minutesArevon Energy, Inc., a prominent developer, owner, and operator of renewable energy, has announced the successful securing of over $1 billion in financing commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. This project combines a 374-megawatt (MWdc) solar installation with 150 MW/600 megawatt-hours (MWh) of energy storage and is currently undergoing early-stage construction, with plans to be operational in the first quarter of 2025. The financing includes a $431 million tax equity commitment from Wells Fargo and $654 million in debt financing, comprising a construction-to-term loan, a tax equity […] #america #arevon #energystoragesystem #northamerica #renewableenergy #usa #energystorage #batteries #battery #cleanenergy #alternativeenergy #cleantech

US company Excelsior Energy Capital has closed a deal for a $1.3 billion financing package for the 682.5 MW Faraday Solar project in Utah County, Utah. The landmark financing of Faraday follows after Excelsior Energy acquired the project from the original developers, Parasol and Clēnera. The Faraday ground-mounted solar project represents the largest single investment made by Excelsior’s first flagship fund, the $504 million Excelsior Renewable Energy Investment Fund I, which focuses on investments in late-stage middle-market solar, wind and battery storage projects. “The acquisition and financing of the Faraday transaction was the result of an immensely collaborative effort with Parasol and Clenera, Excelsior’s innovative financing approach, and the efforts of our exceptional team,” said Jason Frooshani, Head of Mergers and Acquisitions at Excelsior. Faraday is currently under construction and is expected to enter operations in third quarter 2025. Once online, Faraday will supply clean power to PacifiCorp, which will then allocate the power to Meta, under a long-term contract. “We are grateful to our financing partners, and to the creative team at US Bank who worked with Excelsior to leverage several tools made available through the IRA to enable Faraday,” commented Gabriel Wuebben, Excelsior’s Head of Capital Markets. US Bancorp Impact Finance committed $400 million of tax equity through a solar PTC Partnership. The partnership is under term sheet with two investment grade credit transferees for 10-year PTC contracts as arranged with Ryan. A $460 million loan, a $300 million TEBL and $250 million in ancillary facilities were financed with MUFG and NORD/LB acting as coordinating lead arrangers. DNB, Zions Bank, Sumitomo Mitsui Banking Corporation, Societe Generale, CIBC, Huntington National Bank and National Bank of Canada acted as joint lead arrangers. Sumitomo Mitsui Trust Bank, Associated Bank and Comerica Bank completed the debt group. “We are proud to have partnered with Excelsior Energy Capital on this significant investment for Fund I as one of the Coordinating Lead Arrangers,” stated Beth Waters, Managing Director, Project Finance, Americas at MUFG. “Nord/LB congratulates the Excelsior team on the closing of the financing for the Faraday project,” noted Sondra Martinez, Managing Director, Project Finance, Nord/LB. Akin Gump Strauss Hauer & Feld LLP acted as Excelsior’s legal counsel and CRC-IB advised on commercial and structuring matters. Sheppard Mullin Richter & Hampton LLP served as U.S. Bancorp Impact Finance’s counsel, while Winston & Strawn LLP served as lender’s counsel. #cleanenergy

Recurrent Energy, part of Canadian Solar Inc., has reach financial close for the 134 MWdc Liberty Solar project in Liberty County, Texas. Rabobank was engaged as the coordinating lead arranger and the joint lead arranger, while NORD/LB and U.S. Bank acted as the joint lead arrangers. Rabobank, Nord LB and U.S. Bank came together to provide construction debt, a letter of credit facility and a term facility, totalling $120 million. U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, will provide the tax equity to the tune of $80 million. “Liberty Solar is the second project financing that Recurrent Energy has closed in North America this summer, indicating execution on our strategy to retain greater ownership of projects in select markets,” said Ismael Guerrero Arias, CEO of Recurrent Energy. “Moreover, Liberty Solar is a strong project in MISO, a growing market for solar energy. We value our long-standing relationship with Rabobank, Nord LB and U.S. Bancorp Impact Finance and we are grateful to reach this milestone together on another project.” The Liberty Solar project is expected to come online in 2024. Recurrent Energy secured a virtual power purchase agreement earlier in May with EMD Electronics, Biogen Inc., Wayfair Inc., Autodesk, Inc. and a large healthcare company for 100% of Liberty Solar’s production capacity. “We are proud to successfully close another project financing with an industry-leading developer like Recurrent Energy and support its continuous growth across the U.S. and around the world,” stated Paul De Waard, Executive Director, Rabobank. Recurrent Energy was advised by CohnReznick Capital and Latham & Watkins on the deal, while Milbank LLP advised the lenders, with Foley & Lardner LLP supporting U.S. Bancorp Impact Finance. “We are thrilled to deepen our long-standing relationship with Recurrent while expanding clean energy infrastructure in the state of Texas,” commented Eric Barr, U.S. Bancorp Impact Finance’s Vice President of Business Development for Environmental Finance. #cleanenergy

Balance Power has secured a £5.1 million debt facility with Triple Point to support the development of battery energy storage systems (BESS) and solar PV projects in the UK. The £5.1 million debt facility marks the beginning of a strategic partnership between Triple Point and Balance Power. “We are thrilled to partner with Balance Power in advancing essential BESS and solar PV projects that bring much-needed renewable energy infrastructure to the UK,” said Hamish Tate, Investment Manager at Triple Point. “By reducing reliance on fossil fuel technology, these initiatives tackle high energy costs and contribute to balancing the electrical grid. This debt facility highlights our commitment to supporting developers of energy assets that drive the UK towards a cleaner, more secure energy future.” To date, Triple Point has financed over 16.7 GW of UK BESS and solar assets in development. The funding will bolster a number of Balance Power’s efforts in BESS and solar PV projects, including the acquisition of the shovel-ready 6 MWp Roborough solar project near Plymouth from Regener8 Power. The acquisition marks Balance Power’s first behind-the-meter project to enter the procurement phase. “Securing this investment is a significant milestone for Balance Power, marking a pivotal moment in our journey to revolutionise the clean energy landscape,” commented Craig Griffiths, CFO at Balance Power. “The funding will allow us to continue delivering vital clean energy infrastructure, helping the UK transition to cleaner sources of energy and bringing bills down for consumers. It’s also a vote of confidence in our innovative approach that prioritises collaboration with all our stakeholders, and represents a key moment as we increasingly look to acquire projects at different stages of development to bolster our growing pipeline of solutions.” Balance Power’s current pipeline includes more than 1.8 7GW of new, clean electricity capacity, including 1,839 MW of BESS and 31MW of solar projects. #cleanenergy

Primergy Solar Secures $588 Million Financing and Microsoft Partnership for 408 Megawatt Solar Project in Texas The successful funding and long-term Power Purchase Agreement (PPA) secured from Microsoft for the Ash Creek project underscore Primergy’s adeptness in developing, financing, constructing, and managing large-scale renewable energy initiatives,” stated Ty Daul, CEO of Primergy. “Ash Creek aligns seamlessly with our objective to invest in strategically positioned projects offering regional diversity to our portfolio, while also meeting the sustainability needs of prominent corporate clients like Microsoft. We are deeply grateful for the continued collaboration with leading clean energy financiers that has enabled us to realize this project.” “We are committed to partnering with entities like Primergy that are actively […] Read the full story here: https://lnkd.in/dUXMajv3 #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #microsoft #northamerica #ppa #primergy #renewableenergy