In September 2022, Arevon secured tax equity financing and construction-to-term debt to finance the Eland 1 solar-plus-storage power plant in Kern County, California.¹ That same month, Arevon Energy, Inc. secured a pre-NTP for the Eland 2 solar-plus-storage power plant extension. DBTCA is serving as Account Bank and Collateral Agent for both Eland 1 and 2.²

“Arevon continues to find innovative ways to build and finance projects”
Per Brian Callaway, Chief Financial Officer, Arevon Energy

The Eland 1 and Eland 2 solar and storage project (Phase 1 and Phase 2) will together be Arevon's largest operating power plant when completed and will generate enough electricity to power over 200,000 homes each year in Southern California. When complete, energy from the Eland 1 and 2 facilities will flow to the Southern California Public Power Authority, allowing the public power system to provide electricity to ten municipalities across the region, with the additional power generation used to charge the batteries. The Eland 1 facility is currently under construction, adding to Arevon’s portfolio of more than 300 MW of operating solar projects in Kern County.³

“Arevon is grateful for the strong relationships we have with our financial partners, such as Deutsche Bank Trust and Agency Services, who worked tirelessly to get this complicated deal across the finish line,” said Daniel Murphy, Director, Project Finance at Arevon. “The teams navigated through numerous industry headwinds and have been instrumental to ensuring the success of this financial close.”⁴

Per Brian Callaway, Arevon’s Chief Financial Officer added, “Arevon continues to find innovative ways to build and finance projects. The Eland 2 debt facility is another prime example of the team’s ability to transact in an increasingly competitive space.”⁵

“The flexibility of this financing, for which TAS provided agency services, allowed Arevon to structure earlier stage deals that create additional value for our projects during a complex time in the industry,” reflected Daniel Murphy, Arevon’s Director, Project Finance.⁶

Arevon Energy is headquartered in Scottsdale, Arizona, and New York City, Arevon uses innovative approaches and leading-edge technology to finance and manage its more than 160 projects from development through construction to long-term commercial operation.

Note: Photo © Arevon Energy

Sources

¹ See arevonenergy.com
² See arevonenergy.com
³ See arevonenergy.com
⁴ See arevonenergy.com
⁵ See arevonenergy.com
⁶ See arevonenergy.com