Connection

popular articles

Bloom Energy issues green bonds to finance innovation
Europe struggles to meet its rare earth targets
India adopts WIM LNG index under Novak’s influence
Drone attack on Ryazan refinery in Russia
Masdar and KESH join forces to transform Albania’s energy strategy

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.
Financement innovant du projet Vikings

Please share:

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.

Register free of charge for uninterrupted access.

Publicite

Latest news

Energy crisis in Transdniestria: Moldova approached for gas supply
Explosion of a Tanker Truck in Nigeria: 98 Dead and an Alarming Toll
Trump reignites oil drilling and exits the Paris Agreement: a climate earthquake
Orano concludes a strategic mining pact in Mongolia
Decline in Asian LNG MOC Activity Despite the Winter Season

Recently published in

Brookfield and Antin Inject Over $1 Billion into Origis Energy

Brookfield Asset Management and Antin Infrastructure Partners join forces to inject over $1 billion into Origis Energy, bolstering solar and energy storage capabilities in the United States.
ES Foundry Signs GW+ Contract to Strengthen U.S. Solar Production
ES Foundry, an American solar cell manufacturer, has entered into a multi-year agreement with a leading solar module producer, marking a key step toward reducing import dependence and reinforcing the national energy supply chain.
en_11401289540
ES Foundry Signs GW+ Contract to Strengthen U.S. Solar Production
ES Foundry, an American solar cell manufacturer, has entered into a multi-year agreement with a leading solar module producer, marking a key step toward reducing import dependence and reinforcing the national energy supply chain.
en_11401289540
$312 Million Financing Secures Solar and Storage Project in New Mexico
A $312 million energy project financed by Crédit Agricole and ING in New Mexico highlights the growing interest in combined solar and storage solutions to meet decarbonization needs.
en_11401296540
$312 Million Financing Secures Solar and Storage Project in New Mexico
A $312 million energy project financed by Crédit Agricole and ING in New Mexico highlights the growing interest in combined solar and storage solutions to meet decarbonization needs.
en_11401296540
Emeren sells 65 MWp solar portfolio to Trina Solar
The transaction between Emeren and Trina Solar involves 65 MWp of solar projects in Germany, highlighting growing momentum in a key European renewable energy market.
en_11401292540
Emeren sells 65 MWp solar portfolio to Trina Solar
The transaction between Emeren and Trina Solar involves 65 MWp of solar projects in Germany, highlighting growing momentum in a key European renewable energy market.
en_11401292540

ElectriFI supports 60,000 households with investment in Moon Togo

ElectriFI funds Moon Togo to accelerate rural electrification. This project aims to reach 60,000 households by integrating sustainable solar solutions and reducing electricity access disparities.
The United Arab Emirates launches a 5.2 GW solar project with storage
The United Arab Emirates inaugurates a groundbreaking solar energy project combining a 5.2 GW capacity with 19 GWh battery storage, ensuring continuous energy supply.
en_11401269540
The United Arab Emirates launches a 5.2 GW solar project with storage
The United Arab Emirates inaugurates a groundbreaking solar energy project combining a 5.2 GW capacity with 19 GWh battery storage, ensuring continuous energy supply.
en_11401269540
Sunsure Energy secures USD 50 million for a 150 MWp solar park in Maharashtra
A financing of USD 50 million has been granted to Sunsure Energy by Aseem Infrastructure Finance to develop a 150 MWp open-access solar park in Solapur, Maharashtra, targeting industrial clients.
en_11401243540
Sunsure Energy secures USD 50 million for a 150 MWp solar park in Maharashtra
A financing of USD 50 million has been granted to Sunsure Energy by Aseem Infrastructure Finance to develop a 150 MWp open-access solar park in Solapur, Maharashtra, targeting industrial clients.
en_11401243540
Portugal welcomes Exus Renewables for a 130 MW solar project
Exus Renewables acquires the Cibele solar farm in Portugal, adding 130 MW to its European portfolio. This strategic transaction strengthens Portugal's solar ambitions and attracts international renewable energy investments.
en_11401249540
Portugal welcomes Exus Renewables for a 130 MW solar project
Exus Renewables acquires the Cibele solar farm in Portugal, adding 130 MW to its European portfolio. This strategic transaction strengthens Portugal's solar ambitions and attracts international renewable energy investments.
en_11401249540

Bosnia and Herzegovina welcomes Arctech for a 125-megawatt solar project

Arctech, in collaboration with NORINCO International, will equip a 125 MW solar project in Bosnia and Herzegovina, reflecting the region's renewable energy ambitions.
Meta and ENGIE strengthen their partnership with a 200 MW solar energy agreement
Meta and ENGIE announce a new agreement to supply 200 MW of renewable energy from the Anson 2 solar project in Texas, supporting Meta’s net-zero goals and growing energy needs.
en_11401248540
Meta and ENGIE strengthen their partnership with a 200 MW solar energy agreement
Meta and ENGIE announce a new agreement to supply 200 MW of renewable energy from the Anson 2 solar project in Texas, supporting Meta’s net-zero goals and growing energy needs.
en_11401248540
Indonesia invests $115 million in Philippine solar energy
Pertamina, an Indonesian state-owned actor, acquires 20% of Citicore Renewable Energy Corporation to fund green energy projects in the Philippines, bolstering its regional strategy.
en_11401223540
Indonesia invests $115 million in Philippine solar energy
Pertamina, an Indonesian state-owned actor, acquires 20% of Citicore Renewable Energy Corporation to fund green energy projects in the Philippines, bolstering its regional strategy.
en_11401223540
India and NHPC invest 660 million USD for 1,000 MW in Bihar
NHPC and the Indian government commit 660 million USD to solar and green hydrogen projects in Bihar. This initiative will develop 1,000 MW of capacity while creating 800 jobs.
en_11401232540
India and NHPC invest 660 million USD for 1,000 MW in Bihar
NHPC and the Indian government commit 660 million USD to solar and green hydrogen projects in Bihar. This initiative will develop 1,000 MW of capacity while creating 800 jobs.
en_11401232540

Nigeria Sees Husk Install 20 MW of Solar Mini-Grids in 2024

Husk Power Systems doubled its network of solar mini-grids in 2024, reaching 20 MW installed capacity, positioning itself as a key player in rural electrification across Sub-Saharan Africa.
The United States will receive 4.4 GWh of LG batteries for Aptera solar vehicles
LG Energy Solution will supply 4.4 GWh of cylindrical batteries over seven years for Aptera Motors’ solar vehicles, a project aiming to revolutionize sustainable mobility in the United States starting in 2025.
en_11401212540
The United States will receive 4.4 GWh of LG batteries for Aptera solar vehicles
LG Energy Solution will supply 4.4 GWh of cylindrical batteries over seven years for Aptera Motors’ solar vehicles, a project aiming to revolutionize sustainable mobility in the United States starting in 2025.
en_11401212540
PureSky Energy inaugurates a 4.4 MW solar farm with energy storage in the United States
A 4.4 MW solar farm coupled with a 1.4 MW energy storage solution has been commissioned in Massachusetts. This project highlights the economic and political dynamics of hybrid infrastructures in the energy sector.
en_11401211540
PureSky Energy inaugurates a 4.4 MW solar farm with energy storage in the United States
A 4.4 MW solar farm coupled with a 1.4 MW energy storage solution has been commissioned in Massachusetts. This project highlights the economic and political dynamics of hybrid infrastructures in the energy sector.
en_11401211540
Nevada Welcomes a 226 MW Solar Project with Bechtel and Estuary Power
Bechtel and Estuary Power collaborate to develop a 226-megawatt solar project in Lincoln County, aiming to provide renewable energy to major companies in southern Nevada.
en_11401187540
Nevada Welcomes a 226 MW Solar Project with Bechtel and Estuary Power
Bechtel and Estuary Power collaborate to develop a 226-megawatt solar project in Lincoln County, aiming to provide renewable energy to major companies in southern Nevada.
en_11401187540

Contract Awarded for a 9.99 MWac Floating Solar Farm in Malaysia

A USD 4.5 million contract has been awarded in Malaysia for the construction of a 9.99 MWac floating solar farm, highlighting economic and industrial dynamics in the regional photovoltaic sector.
United States: SolarPanelRecycling.com Targets 99% Recycling for Bifacial Panels
In the United States, SolarPanelRecycling.com announces a dedicated recycling line for bifacial panels, aiming for 99% material recovery to address a market undergoing significant technological and logistical transitions.
en_11401183540
United States: SolarPanelRecycling.com Targets 99% Recycling for Bifacial Panels
In the United States, SolarPanelRecycling.com announces a dedicated recycling line for bifacial panels, aiming for 99% material recovery to address a market undergoing significant technological and logistical transitions.
en_11401183540
Uzbekistan mobilizes $80 million to produce 240 MWh of annual solar energy
With an $80 million international investment, Uzbekistan launches a strategic solar power plant in the Khorezm region, aiming for an annual output of 240 MWh and significant CO₂ emission reductions.
en_11401145540
Uzbekistan mobilizes $80 million to produce 240 MWh of annual solar energy
With an $80 million international investment, Uzbekistan launches a strategic solar power plant in the Khorezm region, aiming for an annual output of 240 MWh and significant CO₂ emission reductions.
en_11401145540
Germany Reaches 100 GW Solar Capacity with 40% Growth in Ground Installations
Germany Reaches 100 GW Solar Capacity with 40% Growth in Ground Installations
en_11401162540
Germany Reaches 100 GW Solar Capacity with 40% Growth in Ground Installations
Germany Reaches 100 GW Solar Capacity with 40% Growth in Ground Installations
en_11401162540

SolarBank sells four solar projects to Qcells for USD 49.5 million

SolarBank announces the sale of four solar projects to Qcells, accompanied by a construction contract. This strategic transaction highlights the political and economic dynamics surrounding solar energy and domestic manufacturing in the United States.
Romania Hosts a 258 MWac Solar Project Backed by Renalfa IPP
Renalfa IPP invests in a 258 MWac photovoltaic project in Teleorman, Romania, integrating an advanced 1000 MWh storage system to bolster the energy grid and support national goals.
en_11401137540
Romania Hosts a 258 MWac Solar Project Backed by Renalfa IPP
Renalfa IPP invests in a 258 MWac photovoltaic project in Teleorman, Romania, integrating an advanced 1000 MWh storage system to bolster the energy grid and support national goals.
en_11401137540
Meta contracts 760 MW solar in the United States with Invenergy
Meta Platforms signs agreements to develop 760 MW of solar energy with Invenergy, surpassing 1 GW of total renewable energy supply as part of its ambitious energy strategy.
en_11401138540
Meta contracts 760 MW solar in the United States with Invenergy
Meta Platforms signs agreements to develop 760 MW of solar energy with Invenergy, surpassing 1 GW of total renewable energy supply as part of its ambitious energy strategy.
en_11401138540
Tunisia Launches 4 Solar Photovoltaic Projects for 498 MWac
Tunisia accelerates its energy transition by awarding 4 solar photovoltaic projects totaling 498 MWac, aiming to reduce dependency on imports and promote renewable energies.
en_11401135540
Tunisia Launches 4 Solar Photovoltaic Projects for 498 MWac
Tunisia accelerates its energy transition by awarding 4 solar photovoltaic projects totaling 498 MWac, aiming to reduce dependency on imports and promote renewable energies.
en_11401135540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS