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

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

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
GreenIT secures €370 million financing for onshore wind projects
Nexans installs record-breaking 2,150-metre deep power cable in Italy
MCF Energy reaches 3,310 metres on the Kinsau-1A well in Germany
Global solar photovoltaic installers market to reach $651bn by 2030
Three groups launch Taqa to produce solar energy locally in Ramallah
Release by Scatec expands hybrid solar plants to 64.4 MW in Cameroon
The Norwegian subsidiary has launched the second phase of its projects in Maroua and Guider, bringing total capacity to 64.4 MW of solar and 38.2 MWh of storage with an annual target of 141.5 GWh.
ACWA Power secures 800MW in Morocco with technical support from Gotion High-Tech
ACWA Power secures the NOOR Midelt 2 and 3 solar-storage project in Morocco, outbidding European and Emirati competitors, with decisive backing from Gotion High-Tech’s storage technology.
QatarEnergy awards Samsung contract for 2,000 MW solar plant in Dukhan
QatarEnergy has signed a contract with Samsung C&T to build a solar power plant in Dukhan, set to reach 2,000 MW capacity by 2029, doubling the country’s solar output.
Billion Watts launches 2026 solar-storage project in Australia with six more planned
Billion Watts begins construction on its first solar-plus-storage project in Australia, scheduled for 2026, relying on an international consortium and a strategy focused on the volatility of the national electricity market.
Longroad Energy secures financing for its 400 MW solar project in Texas
Longroad Energy has closed financing and started construction of the 1000 Mile Solar project in Texas, with a capacity of 400 MWdc, supported by Meta and an international banking consortium.
Sunrun raises $510mn through new securitization, surpassing $1.5bn in quarterly debt
Sunrun completed its fifth securitization deal of 2025, bringing non-recourse debt raised in the third quarter to over $1.5bn.
Odyssey receives $7.5 million from BII to fund solar mini-grids in Nigeria
Odyssey Energy Solutions secures $7.5 million from British International Investment to support access to solar equipment under Nigeria’s DARES programme.
Cameroon boosts solar capacity with additional 28.6 MWp in Maroua and Guider
The Cameroonian government launches the extension of two solar plants in the Far North, increasing their combined capacity to 64.4 MWp, with support from international investors.
Statkraft sells 1.5 GWp portfolio in India to Serentica Renewables
Statkraft has signed an agreement to sell solar and wind assets in India to Serentica Renewables, marking a strategic refocus on Europe and South America.
UNITe wins two photovoltaic projects in Puy-de-Dôme
Independent power producer UNITe has been selected to develop two solar power plants on municipal land in Avèze and Malauzat, following a call for tenders by the French Energy Regulatory Commission.
First half of 2025 dominated by solar despite Washington policy pushback
Solar and storage accounted for 82% of new U.S. power capacity in early 2025, despite federal measures slowing their expansion.
Statkraft France secures new 15.5 MWc solar contract in Marne
Statkraft France won a 15.5 MWc solar project in Mourmelon-le-Grand during the latest national tender round, bringing its total awarded capacity to nearly 70 MWc in less than a year.
Hungary and Poland accelerate solar and battery growth in Central Europe
Solar growth in Central Europe has doubled that of the European Union since 2019, reshaping the energy mix and boosting battery manufacturing in the region.
Cordelio Power commissions 150 MW solar plant in Missouri
Canadian energy producer Cordelio Power has completed commissioning of its Winfield solar project, a 150 MW facility backed by a 15-year contract with Microsoft and a $313mn structured financing deal.
Anza secures over 2 GW of solar modules in 2025 amid new tax constraints
Platform Anza surpassed its 2024 volume in just eight months, responding to developers’ urgency to secure projects ahead of regulatory and fiscal changes expected in 2026.
AGCO signs 10-year deal with BRUC for solar supply in Europe
US-based AGCO has signed a ten-year virtual power purchase agreement with BRUC, covering a 100 MW solar project in Spain, to secure part of its European energy consumption.
Innergex secures 85 MW in France with six agrivoltaic solar projects
Canadian developer Innergex has won all six projects of the Grenier des Essences portfolio for a total of 85 MW, strengthening its position in France’s ground-mounted solar sector.
Canadian Solar launches low-carbon modules reaching 285 kg COâ‚‚eq/kW
Canadian Solar unveils its new low-carbon solar modules integrating heterojunction cells and thinner wafers, achieving up to 24.4% efficiency and a peak power output of 660 Wp.
Elmya and Atlantica partner to develop 4 GW of energy projects in the United States
Elmya Energy and Atlantica Sustainable Infrastructure have created a joint venture targeting 4 GW of renewable energy projects in the United States, focused on the ERCOT and WECC markets.
Louth Callan completes deployment of 28 MW solar park in Maine
Louth Callan has completed the Mousam River solar project in Sanford, marking a key milestone in the deployment of utility-scale energy infrastructure across the United States.

Log in to read this article

You'll also have access to a selection of our best content.