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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)

''The Calgary-based energy infrastructure giant said Tuesday it will purchase three U.S.-based utility companies — the East Ohio Gas Company, Questar Gas Company and its related Wexpro Companies, and the Public Service Company of North Carolina, Incorporated — all of which are owned by Virginia-based Dominion Energy Inc. Enbridge, which plans to #finance the deal through a combination of $9.4 billion US #cash and $4.6 billion US of assumed #debt, said the deal will double the scale of its gas utility business and will serve to balance its asset mix evenly between natural gas and renewables, and liquids. In a presentation for investors Tuesday afternoon, Enbridge CEO Greg Ebel said the company's #earnings mix is currently about 60 per cent weighted toward crude oil and liquids, and 40 per cent weighted toward natural gas and renewable energy. (#Enbridge is currently the only major pipeline company in North America that owns a regulated utility. Enbridge Gas Inc. currently serves about 75 per cent of Ontario residents.)''

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

Arevon Energy, Inc. Secures $1.1 Billion Financial Close for Eland 2 Solar-plus-Storage Project Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, today announced it has secured more than $1 billion in aggregate financing commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. The 374 megawatt (MWdc) solar project coupled with 150 MW/600 megawatt hours (MWh) of energy storage, is under early-stage construction and is anticipated to come online in Q1 2025. 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 a letter of credit facilities. The Canadian Imperial Bank of Commerce […] Read the full story here: https://lnkd.in/dPd79irW #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #cibc #energystorage #financing #northamerica #renewableenergy #solar+storage #solarenergy #usa #wellsfargo

Lightsource bp has secured a groundbreaking $348M financing package for two new 288 MWdc solar projects in Texas! The Starr Solar (163 MW) and Second Division Solar (125 MW) projects are set to commence operations in 2024, generating clean energy and creating 400 local jobs during construction. These projects mark significant achievements: ➡ First US renewable energy project #finance transaction including both transferability bridge loans and equity partner bridge loans. ➡ Utilizing Investment Tax Credit provisions from the Inflation Reduction Act of 2022. ➡ Supported by renowned financial institutions such as Societe Generale, ING, NatWest, Lloyds Banking Group, Allied Irish Banks. By joining Lightsource bp's existing Texas portfolio—Impact, Elm Branch, and Briar Creek Solar—these projects contribute to a diverse and resilient energy mix, particularly crucial during extreme weather events. During the historic Uri storm in 2021, Impact Solar alone powered thousands of homes; during the summer heatwaves of 2023, all three projects kept the lights on and ACs running for Texas residents. Even amidst Winter Storm Heather in early 2024, these projects demonstrated exceptional performance with 99% availability. Let's continue to invest in a secure and sustainable energy future together! #renewableenergy #Texas #cleanenergy #solarpowered #cleanenergy #solarprojects #solarpowerplant #solarindustry #solarpowered

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

Gore Street Energy Storage Fund plc, part of Gore Street Capital, has secured an initial $60 million financing package from First Citizens Bank to fund the 200 MW / 400 MWh Big Rock energy storage project in California. Gore Street Energy Storage Fund will use the loan to cover the remaining capital costs of the Big Rock project, which has so far been funded with its own equity. The loan will also allow Gore Street Energy Storage Fund to allocate capital to other portfolio projects. “We are very pleased to have secured debt financing for the Big Rock project, which exhibits a differentiated revenue profile given the higher level of contracted revenues in CAISO – one of the most attractive energy markets globally,” said Dr Alex O'Cinneide, CEO of Gore Street Capital Ltd, the investment manager. “The financing will be drawn against our funding and construction plan as we continue to work closely with our various project stakeholders, including battery suppliers and integrators, to deliver the project, which remains on schedule. In this context, we are delighted to announce another key stakeholder relationship with First Citizens, one of the leading lenders in the renewables space in the US with a strong background in delivering large-scale projects such as Big Rock.” Gore Street Capital said the loan has a three-year term and is expected to be refinanced with longer-term project finance once the Big Rock becomes operational. The Big Rock project is set to be backed by a standard California long-term fixed revenue contract for up to 40% of project revenues, while also benefiting from Investment Tax Credits for at least 30% of eligible capital costs under the 2022 US Inflation Reduction Act. “Big Rock’s strategic location and use of commercially proven Tier 1 technology makes it a valuable addition to Gore Street Energy Storage Fund’s portfolio,” commented Mike Lorusso, Head of First Citizens Bank’s Energy Group. “We appreciated working with the company’s highly experienced investment management team in structuring this unique financing to support completion of this attractive project.” #cleanenergy

TC Energy has announced the sale of the Portland Natural Gas Transmission System, LP (PNGTS) to a fund managed by BlackRock and Morgan Stanley Infrastructure Partners for $1.14 billion. This strategic move is part of TC Energy's broader initiative to alleviate debt and finance new investments. Facing a long-term debt of approximately C$49.98 billion ($36.84 billion) as of the end of 2023, alongside challenges such as high costs associated with its Coastal GasLink pipeline project, TC Energy is actively reshaping its portfolio to concentrate on natural gas transportation. This sale marks a significant step towards achieving the company's asset sale target of C$3 billion, aimed at bolstering its financial health and supporting its future capital expenditures. Expected to close by mid-2024, the deal includes BlackRock assuming $250 million of PNGTS's outstanding debt, reflecting a concerted effort by TC Energy to streamline operations and focus on core areas of growth within the natural gas sector. https://lnkd.in/grNRk-23

In case you missed our insights this week, Enerdatics presents a weekly recap of our Analysis -- Grid gold rush: Investors race to Southern UK for a slice of the booming battery storage market https://lnkd.in/g7S8hvQQ #GreenEnergy #SustainabilityLeaders #RenewableRevolution #EcoFriendly #GlobalTransition #EnergyStorage #BatteryStorage #CleanEnergy #EnergySector #EnvironmentalImpact #EnerdaticsInsights

Aldermore Bank has announced the launch of its finance proposition specifically tailored for the energy and infrastructure renewables financing sector. The proposition will be backed by a dedicated team and will leverage their existing expertise whilst offering a refreshed customer experience. The proposition forms part of their business finance strategy to invest in new, attractive and underserved segments where they can operate with deep expertise and become a go to funder of choice. There is significant growth in energy and infrastructure investment, supported by government environmental targets and consumer attitudes to renewable energy assets and the green agenda. Wind and solar alone contribute over 30% of the UK’s total energy generation capacity now and this is growing. To address this market, Aldermore has appointed Lauren Pamma as head of energy and infrastructure. https://lnkd.in/ekhGhaWW