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

February 22, 2024
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). 

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 29, 2025
Greenvolt and European Energy have finalised financial deals for solar-plus-storage projects in Denmark and Latvia.
October 29, 2025
NextEra Energy Resources added 3GW of new renewable energy generation and storage capacity to its portfolio in the third quarter of 2025.
October 29, 2025
French firms TotalEnergies and EDF, with local partners, secured contracts for 400MW and 600MW solar projects in Saudi Arabia, supporting Vision 2030 renewable goals.
October 29, 2025
US solar manufacturer Corning has brought online its wafer production at its Michigan plant, during the third quarter of 2025.
October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany