Arevon Energy secures US$1.1 billion for 374MW solar-plus-storage project in California

Facebook
Twitter
LinkedIn
Reddit
Email
The 374MW solar and 150MW/600MWh energy storage project will come online in the first quarter of 2025. Image: Arevon

US renewables asset manager Arevon Energy has secured US$1.1 billion for a 374MWdc solar project coupled with 150MW/600MWh of energy storage.

Wells Fargo provided a US$431 million tax equity commitment, while Arevon obtained US$654 million of debt financing including a construction-to-term loan, a tax equity bridge loan and letter of credit facilities.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Located in Kern County, California, the Eland 2 solar-plus-storage project is under early-stage construction and is expected to come online in the first quarter of 2025. Arevon Energy signed a long-term power purchase agreement (PPA) with Southern California Public Power Authority for the project, providing 200MWac of electricity to Southern California.

The project will also use Tesla’s Megapack 2 XL battery system. US engineering, procurement, and construction (EPC) contractor SOLV Energy will be the project’s EPC contractor.

Arevon said both phases of the project, Eland 1 and Eland 2, will represent one of the largest power plants in its portfolio. Arevon also claimed that the entire project will become one of the largest operating solar-plus-storage installations in the country after completion with 751MWdc of solar electricity generation and 300MW/1,200MWh of energy storage.

Prior to this, Arevon Energy reached financial close on its Vikings solar-plus-storage project in Imperial County, California. The site will deploy 157MW of solar PV and 150MW/600MWh of energy storage. The financing was completed using a combination of debt financing and tax credit transfer, which is possible under the Inflation Reduction Act (IRA). 

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 8, 2025
The NSW Independent Planning Commission has granted planning approval for Potentia Energy's 500MW Tallawang solar-plus-storage project.
October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
October 8, 2025
Despite policy headwinds on the federal level, there is optimism for the future of the US solar and storage sector.
Premium
October 8, 2025
PV Talk: Smart Energy Council's Nigel Morris reflects on how Australia has become a global testbed for distributed solar and storage innovation.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
Premium
October 8, 2025
The global energy transition will only be 'marginally impacted' by uncertainties in US energy policy, according to Remi Eriksen, CEO of DNV.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK