Connection

popular articles

First LNG export from Mexico to Europe via Altamira
Uganda inaugurates 600 MW Karuma hydroelectric power station
Enel announces €43 billion in investments and a dividend increase
The discovery of 96% natural hydrogen renews interest in Kansas subsurface
The World Bank anticipates a historic drop in oil prices in 2025

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
  • [favorite_button]

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

ONEOK completes acquisition of remaining 49.9% in Delaware Basin JV for $940mn
Canada Growth Fund commits CA$138mn to Eavor Technologies
RWE sells 49% stake in two offshore wind projects to Norges Bank for €1.4bn
Meren Energy seeks partners for offshore blocks in Equatorial Guinea
World Bank allocates $52.6mn for electrical and road interconnection in Gambia

Recently published in

Carey International commits $870mn to utility-scale solar projects in the United States

Carey International Group has committed $870mn to the construction of solar projects in the United States, marking the official launch of an energy portfolio led by SYMX Energy, with commissioning scheduled for 2026.
Côte d’Ivoire launches two 200 MWc solar tenders with integrated storage
The Ivorian government has opened two tenders for 100 MWc photovoltaic plants in Dabakala and Niakaramandougou, each with 33 MWh of storage and 25-year IPP concessions.
en_1140290947540-4
Côte d’Ivoire launches two 200 MWc solar tenders with integrated storage
The Ivorian government has opened two tenders for 100 MWc photovoltaic plants in Dabakala and Niakaramandougou, each with 33 MWh of storage and 25-year IPP concessions.
en_1140290947540-4
NextEra Energy launches 100 MW solar farm in Louisiana with DEMCO
NextEra Energy Resources has inaugurated its first large-scale solar energy site in Louisiana, marking a key milestone in its expansion strategy with a capacity of 100 megawatts.
en_1140290961540-2
NextEra Energy launches 100 MW solar farm in Louisiana with DEMCO
NextEra Energy Resources has inaugurated its first large-scale solar energy site in Louisiana, marking a key milestone in its expansion strategy with a capacity of 100 megawatts.
en_1140290961540-2
Mon Power and Potomac Edison launch new 5.75 MW solar site through local partnership
The two FirstEnergy subsidiaries have opened a third solar site on former industrial land, in cooperation with local partners, reaching a total capacity of 30 megawatts.
en_1140290948540-3
Mon Power and Potomac Edison launch new 5.75 MW solar site through local partnership
The two FirstEnergy subsidiaries have opened a third solar site on former industrial land, in cooperation with local partners, reaching a total capacity of 30 megawatts.
en_1140290948540-3

Velto Renewables and Q ENERGY launch 9 MWc solar park in partnership in Aude

The La Gineste park, jointly developed by Q ENERGY and Velto Renewables, has a capacity of 9 MWc and marks a strengthening of the business partnership between the two companies in the Occitanie region.
EDF and KOWEPO win 1.5-GW Al Zarraf solar project in Abu Dhabi
EDF and Korea Western Power signed an agreement to develop a 1.5-GW solar power plant in Abu Dhabi, following a tender for which sixteen entities had been prequalified.
en_1140290952540-3
EDF and KOWEPO win 1.5-GW Al Zarraf solar project in Abu Dhabi
EDF and Korea Western Power signed an agreement to develop a 1.5-GW solar power plant in Abu Dhabi, following a tender for which sixteen entities had been prequalified.
en_1140290952540-3
BP signs final investment decision for 240 MW solar power plant in Azerbaijan
The Shafag 11 project in Jabrayil, backed by BP, SOCAR and the Azerbaijan Investment Company, secures a $200mn commitment at the Caspian Oil and Gas Exhibition.
en_1140290955540-2
BP signs final investment decision for 240 MW solar power plant in Azerbaijan
The Shafag 11 project in Jabrayil, backed by BP, SOCAR and the Azerbaijan Investment Company, secures a $200mn commitment at the Caspian Oil and Gas Exhibition.
en_1140290955540-2
Arctech to deliver 175 MW of solar trackers for hydrogen project in Oman
Chinese supplier Arctech will equip a green hydrogen project in Duqm with 175 MWp of solar trackers, marking a milestone in the industrial energy development of Oman’s coastal region.
en_1140290955540
Arctech to deliver 175 MW of solar trackers for hydrogen project in Oman
Chinese supplier Arctech will equip a green hydrogen project in Duqm with 175 MWp of solar trackers, marking a milestone in the industrial energy development of Oman’s coastal region.
en_1140290955540

TotalEnergies and RGE secure key licence to export 1 GW of electricity to Singapore

Singa Renewables receives Singaporean approval to import Indonesian solar electricity, marking a strategic step forward in a regional project led by TotalEnergies and RGE.
Waaree secures 586 MW solar deal in the US worth $176mn
Indian manufacturer Waaree has signed a $176mn solar module supply agreement with a US-based independent power producer, marking a key step in its industrial presence in the United States.
en_1140290957540
Waaree secures 586 MW solar deal in the US worth $176mn
Indian manufacturer Waaree has signed a $176mn solar module supply agreement with a US-based independent power producer, marking a key step in its industrial presence in the United States.
en_1140290957540
Solveo Energies deploys dynamic agrivoltaic system on apricot orchard
Solveo Energies has inaugurated an experimental agrivoltaic system in the Pyrénées-Orientales, combining solar power production and crop protection on a farm facing drought conditions.
en_1140290960540-15
Solveo Energies deploys dynamic agrivoltaic system on apricot orchard
Solveo Energies has inaugurated an experimental agrivoltaic system in the Pyrénées-Orientales, combining solar power production and crop protection on a farm facing drought conditions.
en_1140290960540-15
Washington cancels $2.92bn loan guarantee granted to Sunnova
The Trump administration has cancelled a federal guarantee granted to Sunnova Energy, withdrawing its support for a loan programme intended to finance 100,000 residential solar installations.
en_1140290944540-16
Washington cancels $2.92bn loan guarantee granted to Sunnova
The Trump administration has cancelled a federal guarantee granted to Sunnova Energy, withdrawing its support for a loan programme intended to finance 100,000 residential solar installations.
en_1140290944540-16

LONGi signs 102MW deal to equip public infrastructure in Finland

Chinese group LONGi has signed a 102MW supply contract for Hi-MO X10 back contact solar modules with a Finnish energy company, marking a step in its Northern European expansion.
TotalEnergies, Sonangol and Maurel & Prom launch 35 MWp solar plant in Angola
The Quilemba Solar joint venture is building a photovoltaic power plant near Lubango, marking a milestone for private initiative in Angola's electricity sector.
en_1140290954540-14
TotalEnergies, Sonangol and Maurel & Prom launch 35 MWp solar plant in Angola
The Quilemba Solar joint venture is building a photovoltaic power plant near Lubango, marking a milestone for private initiative in Angola's electricity sector.
en_1140290954540-14
AMPYR Energy USA acquires 210 MW of solar projects in the Carolinas to expand its portfolio
AMPYR Energy USA has completed the acquisition of two large-scale solar projects in the Carolinas, bringing its U.S. portfolio to over 4 GW.
en_1140290948540-14
AMPYR Energy USA acquires 210 MW of solar projects in the Carolinas to expand its portfolio
AMPYR Energy USA has completed the acquisition of two large-scale solar projects in the Carolinas, bringing its U.S. portfolio to over 4 GW.
en_1140290948540-14
Axian Energy begins construction of 60 MW solar power plant in Senegal
Axian Energy has launched work on the NEA Kolda solar plant, equipped with a 72 MWh storage system, for a total investment of €105mn ($113.6mn).
en_1140290947540-14
Axian Energy begins construction of 60 MW solar power plant in Senegal
Axian Energy has launched work on the NEA Kolda solar plant, equipped with a 72 MWh storage system, for a total investment of €105mn ($113.6mn).
en_1140290947540-14

Kaduna Electric launches 100 MW solar project with battery storage in Nigeria

Kaduna Electric has signed an agreement to build a 100 MW solar power plant with battery storage in northern Nigeria to strengthen electricity supply in four states affected by chronic outages.
Mirova grants $10mn loan to EDF for solar projects in Africa
EDF will strengthen its off-grid platform in Africa with a $10mn loan from Mirova to expand electricity access to 5 million people by 2030.
en_1140290950540-12
Mirova grants $10mn loan to EDF for solar projects in Africa
EDF will strengthen its off-grid platform in Africa with a $10mn loan from Mirova to expand electricity access to 5 million people by 2030.
en_1140290950540-12
AES signs two deals to deliver 650 MW of solar to Meta data centres
AES will supply 650 MW of solar capacity to Meta through two long-term power purchase agreements in the United States, strengthening its position in the Southwest Power Pool market.
en_1140290963540-5
AES signs two deals to deliver 650 MW of solar to Meta data centres
AES will supply 650 MW of solar capacity to Meta through two long-term power purchase agreements in the United States, strengthening its position in the Southwest Power Pool market.
en_1140290963540-5
Boralex secures two 450 MW solar contracts in New York State
Boralex signed renewable energy certificate contracts with New York’s energy authority for two solar projects totalling 450 MW in capacity.
en_1140290968540-5
Boralex secures two 450 MW solar contracts in New York State
Boralex signed renewable energy certificate contracts with New York’s energy authority for two solar projects totalling 450 MW in capacity.
en_1140290968540-5

Greencells signs 68.48 MWp EPC contract with Enray in the United Kingdom

German group Greencells strengthens its UK presence through an EPC and O&M agreement with Enray Power for a solar plant incorporating an energy storage system in North Yorkshire.
Urban Grid launches solar apiary in Virginia to strengthen its agrivoltaic model
Urban Grid sets up honey production at its Crystal Hill solar site, combining beekeeping and farming to trial new land management models.
en_1140290951540-11
Urban Grid launches solar apiary in Virginia to strengthen its agrivoltaic model
Urban Grid sets up honey production at its Crystal Hill solar site, combining beekeeping and farming to trial new land management models.
en_1140290951540-11
Ecopetrol acquires Statkraft’s solar assets in Colombia to strengthen its portfolio
Ecopetrol acquires Statkraft’s Colombian subsidiary, including eight projects under development and the 130 MW Portón del Sol solar plant.
en_1140290952540-11
Ecopetrol acquires Statkraft’s solar assets in Colombia to strengthen its portfolio
Ecopetrol acquires Statkraft’s Colombian subsidiary, including eight projects under development and the 130 MW Portón del Sol solar plant.
en_1140290952540-11
Qair launches two hybrid solar plants totalling 30 MWp with storage in Chad
French group Qair has begun construction on two hybrid solar plants in N’Djamena totalling 30 MWp with battery storage, under a 20-year BOOT contract with the Chadian government.
en_1140290958540-11
Qair launches two hybrid solar plants totalling 30 MWp with storage in Chad
French group Qair has begun construction on two hybrid solar plants in N’Djamena totalling 30 MWp with battery storage, under a 20-year BOOT contract with the Chadian government.
en_1140290958540-11

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS