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
Nankai Electric Railway signs PPA for 2MW floating solar power plant
ACWA Power signs $10bn in energy and financing deals at FII9
Washington invests $100mn to modernise coal plants as exports drop 11%
ExxonMobil hit by falling prices despite record output in Guyana
Eos Energy secures 228 MWh strategic order from Frontier Power
JA Solar to supply 1.2 GW of modules for two photovoltaic projects in Uzbekistan
JA Solar has signed an agreement with Larsen & Toubro to supply photovoltaic modules for the Samarkand 1 and 2 solar power plants, developed by ACWA Power with a total installed capacity of 1.2 GW.
HD Renewable Energy accelerates in Australia and Japan with 6.1GW of solar and battery projects
Taiwanese company HD Renewable Energy is expanding internationally with major solar and battery storage projects in Australia and Japan, targeting more than 6 gigawatts of installed capacity by 2028.
EDF, SPIC and SAPCO consortium secures financing for 1,400 MW solar projects in Saudi Arabia
Two photovoltaic plants with a combined capacity of 1,400 MW will be operational in 2027, strengthening EDF Group's international presence and Asian actors in Saudi Arabia's energy market.
Matrix Renewables inaugurates 284 MW solar power plant in Texas
Matrix Renewables and SOLV Energy have completed construction of the Stillhouse Solar plant, a 284 MW project in Bell County, representing over $370mn in private investment and 320 jobs created.
India’s solar capacity surpasses 125 GW, raising risk of overproduction
With solar module manufacturing capacity tripling domestic demand, India holds 29 GW in inventory, while exports to the United States fall by 52%.
Boviet Solar invests in 3 GW photovoltaic cell plant in North Carolina
Boviet Solar strengthens its industrial presence in the United States with a major investment in a new 3 GW photovoltaic cell plant in Greenville, consolidating its North American expansion strategy.
BrightNight and Cordelio Power Reach Financial Close for 300 MW Pioneer Hybrid Project in Arizona
BrightNight and Cordelio Power have announced the financial close for the Pioneer Clean Energy Center, a hybrid project combining 300 MW of solar and 1,200 MWh of energy storage in Arizona, aimed at supporting the state's growing energy demand.
The next-generation solar cells market will reach USD 19.62 billion by 2032
Driven by innovations in perovskite and quantum dots, the next-generation solar cells market, valued at USD 4.21 billion in 2024, is expected to grow rapidly at a rate of 21.21%, reaching USD 19.62 billion by 2032.
GreenYellow and Sasol Italy launch the construction of a 5.1 MWp solar plant in Lombardy
GreenYellow and Sasol Italy announce the start of construction of a 5.1 MWp photovoltaic solar plant in Terranova Dei Passerini. This project aims to strengthen Sasol’s energy independence in Italy while contributing to the industrial energy transition.
Seven-Eleven to procure 22.3 GWh per year from 21 MW solar and 140 kW hydro via Chugoku EPCO-sleeved PPA
Seven-Eleven Japan signs a power purchase agreement (PPA) with Chugoku Electric Power to acquire 22.3 GWh annually from solar and hydro projects, marking a new chapter for the retailer in renewable energy procurement.
OneD Battery Sciences and Putailai Sign Agreement to Produce Silicon Anodes
OneD Battery Sciences and Shanghai Putailai New Energy Technology announce a development agreement to design and scale production of silicon-carbon anodes for lithium-ion batteries.
China cancels VAT rebate and reshapes the global solar market
China's decision to cancel the 13% VAT rebate on photovoltaic module exports triggers a sharp price adjustment and reshapes a market under pressure for the past two years.
Zimplats launches a 45 MW solar project to secure its mining operations in Zimbabwe
Zimplats starts phase 2A of its solar project in Zimbabwe, with a $54 million investment to add 45 MW to its capacity, bringing its total to 80 MW to power its mining sites.
Foulath Holding launches the world’s largest rooftop solar power plant on a single site
Foulath Holding partners with Yellow Door Energy to develop a 123 MWc industrial solar power project in Bahrain, setting a global record in size and capacity for a single site.
GCL signs two 100 MW solar projects with PLN IP in Indonesia
GCL Energy Technology strengthens its presence in Southeast Asia by partnering with PLN Indonesia Power to develop two 100 MW solar plants, both ground-mounted and floating, as part of the government’s Hijaunesia program.
France: REDEN commissions a 3-hectare agrivoltaic greenhouse in Ariège
Energy group REDEN has commissioned a 3-hectare agrivoltaic greenhouse in Montaut, Ariège, combining specialised agricultural production and electricity generation on a single family-run site.
Ghana invests $200mn in rooftop solar to ease grid pressure
Ghana commits $200mn to equip 4,000 rooftops with solar panels, aiming to stabilise a strained grid and attract private capital into its power sector.
Takeei converts 1.5 MWAC solar plant to FIP scheme in Japan
Takeei Energy & Park begins operating its first asset under the feed-in-premium scheme, marking a milestone in the group’s investment strategy in the renewable energy sector.
George Gordon First Nation finalises 32.4 MW solar project in Saskatchewan
An unprecedented partnership with the Canada Infrastructure Bank enables George Gordon First Nation to fully own a solar plant powering a potash mine in Saskatchewan.
Zelestra secures $60mn tax equity financing for Jasper solar power plant
Zelestra has closed a $60mn tax equity deal with Stonehenge Capital to support its 81 MW solar project in Indiana, set to become operational in Q4 2025.

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.