SUBSCRIBE
PROFILE

Vikings Solar Project: Arevon breaks new ground with $529 million in financing

Arevon Energy, Inc. today announced the closing of financing for the Vikings solar-plus-storage project through a combination of debt financing and the transfer of tax credits. This $529 million transaction is one of the first to use the transferability provision of the Inflation Reduction Act.

Share:

Financement innovant du projet Vikings

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Arevon Energy, Inc. recently closed financing for the Vikings solar and storage project, an innovative venture that combines the tax credit portability provisions of the Inflation Reduction Act with debt.

Details of innovative financing

The project was financed through a commitment of $191 million in investment and production credits by J.P. Morgan, one of the first transactions of this type to be announced to date. The remaining $338 million in financing was provided by MUFG, BNP Paribas, Sumitomo Mitsui Banking Corporation and First Citizens Bank, who acted as Coordinating Lead Arrangers. The National Bank of Canada also participated as a lender.

Unique configuration of the Viking power plant

Located in Imperial County, California, the Vikings power plant features a unique configuration of 157MWDC of solar power coupled with 150MW/600 MWh of energy storage capacity. Vikings is contracted to provide resource capacity and renewable energy to San Diego Community Power, contributing to grid reliability starting in 2024.

Involvement of key US manufacturers

The project features key manufacturers in the USA, with PV modules supplied by First Solar, based in Tempe, Arizona, and solar trackers from Nextracker, headquartered in Fremont, California. Tesla supplies the large-scale batteries for the installation, enabling the solar energy generated to be redirected to the grid during peak demand, powering up to 50,000 homes.

Construction of the facility is well advanced, with commercial operations scheduled for the third quarter of 2024. San Diego-based SOLV Energy is carrying out the construction work.

Arevon Energy’s Vikings solar and storage project illustrates an innovative approach to combining debt and tax credits, in line with the Inflation Reduction Act. This project will help to strengthen the reliability of the power grid while promoting the use of renewable energies. With an expected completion date of 2024, the Vikings will be an essential part of the transition to cleaner energy.

  • Popular on energynews.pro
US Army selects nine bases for future deployment of nuclear microreactors
Subsea7 reports 27% increase in adjusted EBITDA in third quarter
UK urged to choose between carbon capture and aviation fuels
Battery storage market projected to reach $99.67bn by 2033
Blackstone injects $1.2bn into West Virginia’s first natural gas power plant
Cypress Creek secures financing for 505 MW solar project in Texas
Cypress Creek Renewables begins construction of the Hanson Solar project in Texas, backed by structured financing combining debt and equity, to support the ERCOT grid and supply Meta’s operations.
India’s solar industry enters critical phase of forced consolidation
Facing massive overcapacity, US tariff pressures and rapid technological change, India's solar module sector is preparing for major industrial restructuring dominated by a few integrated groups.
Econergy connects 52MW solar park in Poland under contract with Apple
Econergy has connected its 52MW solar project in Resko, Poland, to the grid, supported by a 19-year virtual power purchase agreement signed with Apple.
Green Growth and K2 convert a FIT solar plant to FIP with storage
Green Growth and K2 Holdings begin converting a solar park to an FIP scheme, including battery installation, to improve profitability in a region heavily affected by production curtailment.
Arevon launches $200mn solar plant construction in Illinois
Arevon Energy has initiated construction of its first utility-scale solar project in Illinois, with a 124-megawatt capacity and $200mn in private investment to support U.S. energy demand.
Neoen divests 760 MW of operational assets to Plenitude in France
French renewable energy producer Neoen has signed an agreement with Plenitude to sell 52 assets totalling 760 MW of capacity on the French market.
France: the government launches an observatory to monitor 1,600 agrivoltaic projects
A national tool led by ADEME lists agrivoltaic installations across France to support their regulatory oversight, as the sector sees rapid growth following the 2023 law.
VALOREM commits 500 hours of job inclusion on its solar park in Aveyron
The construction site of the future photovoltaic park in La Couvertoirade plans to hire four people in job inclusion, as part of a partnership between VALOREM and the Union Départementale des Structures d’Insertion par l’Activité Économique de l’Aveyron.
Abraxas begins Solar City works, Maldives’ first special economic zone project
Abraxas Power Corp. has launched land reclamation operations for Solar City, a 100-megawatt floating solar project in the Maldives, following environmental approval. The total zone investment exceeds USD187mn.
Astronergy and Alfa Solar invest $200mn in solar plant in Turkey
Alfa Solar and Astronergy Europe are partnering to build an integrated solar wafer and cell facility with 2.5 GW capacity in Balıkesir’s organised industrial zone.
Global renewable energy investment growth slows to 7.3% in 2024
Despite reaching a record $807bn in 2024, renewable energy investment growth slowed sharply, with funding heavily concentrated in advanced economies and China.
Newheat equips Corrèze greenhouse with 7,000 m² of solar thermal collectors
French renewable heat provider Newheat has inaugurated the largest agricultural solar thermal plant in the country, supplying the Les Tomates d’Auïtou site with 5,400 MWh annually.
First Solar invests $330mn in new solar factory in South Carolina
First Solar launches a $330mn industrial project in Gaffney to add 3.7 GW of domestic solar capacity and create over 600 jobs, strengthening its manufacturing presence in the United States.
Ecopetrol acquires 0.6 GW solar portfolio from Statkraft for $157.5mn
Ecopetrol has finalised the acquisition of solar assets in Colombia from Statkraft for $157.5mn, adding more than 0.6 GW of installed capacity to its energy portfolio.
Kuwait launches tender for 500 MW solar project
The Kuwaiti government has invited six international consortia to submit bids for a new 500-megawatt solar project under phase III of the Al Shagaya complex.
Exowatt raises $50m to speed up solar unit deployment near AI data centres
Exowatt strengthens its capital to industrialise its P3 solar solution and meet the strong demand from AI-powered data centres across the United States.
Illinois clarifies county authority over solar siting
A new law passed by the Illinois Legislature strengthens counties' power over siting commercial solar projects in unincorporated areas, amid a legal dispute between Grundy County and the City of Morris.
T1 Energy injects $100mn to relaunch G2_Austin and accelerates G1_Dallas output
US-based T1 Energy strengthens its industrial footprint with two successive capital injections and prepares for the launch of its G2_Austin facility, while doubling production at its G1_Dallas site in the fourth quarter.
Velto Renewables takes full control of Les Îlots Blandin floating solar plant
Velto Renewables becomes the sole owner of Europe's largest floating solar power plant after finalising the transaction with Q ENERGY, strengthening its presence in France.
Voltalia commissions 126 MW Sarimay solar power plant in Uzbekistan
Voltalia has launched electricity production at Sarimay Solar, a 126-megawatt solar plant in Uzbekistan, marking a key milestone in the deployment of new photovoltaic capacity in the country.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.