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
Sizewell C signs two major contracts for nuclear fuel supply
EDP secures Australian contracts for 1.7 GW solar and battery projects
Global energy demand rises by 40 million barrels of oil equivalent per day
JA Solar begins mass production of its 650W DeepBlue 5.0 solar modules
Mining mergers in Africa: groups strengthen their position on critical metals
Melvan launches citizen fundraising for two solar plants in Vaucluse
Melvan is issuing local bonds to co-finance two photovoltaic projects in Avignon and Sault, aiming to supplement a total budget of EUR5.5mn ($5.82mn).
Côte d’Ivoire launches 50 MW solar project in Kong for CFA37bn
The 50 MW Kong solar power plant marks a new step in Côte d’Ivoire’s national grid expansion, with CFA37bn ($60.5mn) in funding and commissioning set for early 2027.
Westbrooke acquiert 91 sites solaires de Shell dans un transfert stratégique d’actifs
Westbrooke Real et son partenaire CVE South Africa ont racheté un portefeuille solaire couvrant 91 stations Shell en Afrique du Sud, marquant un transfert d’actifs majeur dans le secteur énergétique local.
SOLA commissions 195 MW Springbok solar plant in South Africa
The commissioning of the 195 MW Springbok plant introduces the continent’s first utility-scale multi-buyer model, reinforcing the growth of power wheeling in South Africa.
Engie and Masdar secure 1.5 GW solar project in Abu Dhabi
The consortium led by Engie and Masdar has been selected to develop a 1.5 GW photovoltaic plant in Abu Dhabi, aimed at expanding the emirate’s solar capacity under its long-term energy strategy.
T1 Energy takes stake in Talon to expand solar manufacturing in the United States
T1 Energy invests in private solar cell manufacturer Talon PV to support industrial expansion of the U.S. solar sector and address rising grid demand.
EBRD and Qair in talks for €19mn financing of 100 MW solar plant in Gafsa
The European Bank for Reconstruction and Development is reviewing a loan for a 100 MW photovoltaic project led by Qair in Tunisia, backed by a long-term power purchase agreement with the national utility.
CVE installs 140 kWc agrivoltaic demonstrator on cattle farm
French independent producer CVE has commissioned an agrivoltaic pilot project in Haute-Loire, aiming to test solar panel integration on a cattle farm ahead of a future 12 MWc installation.
Geronimo Power inaugurates 125 MW solar project in Michigan
Geronimo Power celebrated the near completion of its 125 MW solar farm in Jackson County, marking a major step for the local economy and regional power grid.
GOLDBECK SOLAR Polska receives final authorisation for its 204 MWp solar park
GOLDBECK SOLAR Polska has received the Final Operational Notification for its Zwartowo photovoltaic facility, marking a key regulatory milestone in the development of large-scale solar projects in Poland.
SMFL Mirai commissions H.E Energy to build 100 solar plants in Japan
H.E Energy will develop 100 low-voltage solar facilities totalling 10MWDC in Hokkaido for SMFL Mirai Partners, with commissioning scheduled by June 2026.
Hokkaido Gas commissions 2MW solar plant to power Kamishihoro
Hokkaido Gas has launched a 2MW solar power plant in Kamishihoro, with an expected annual output of 4.4GWh to be distributed locally through energy supplier Karch.
Sembcorp acquires ReNew’s solar unit in India for $190mn
Sembcorp Industries has signed a purchase agreement to acquire a 300-megawatt solar plant in India, boosting its renewable energy footprint to a total capacity of 6.9 gigawatts.
Spanish solar producers warn of impact from negative electricity prices
Spanish solar energy producers have recorded 693 hours of zero or negative prices since January, already matching the total for the previous year, raising concerns about the sector’s profitability and market stability.
Mars invests in 100 solar projects in Poland with GoldenPeaks Capital
Mars signs a major contract with GoldenPeaks Capital to develop over 100 solar plants in Poland, aiming to power its European operations and supply chain with renewable electricity.
Doral Renewables signs contract for 430 MW of solar power in Texas
Doral Renewables has signed a power purchase agreement for 75% of the output from its Cold Creek Solar project, expanding its contracted portfolio to over 1.6 GW nationwide.
France: SNCF signs two 25-year solar contracts with Octopus and BayWa r.e.
SNCF Voyageurs secures direct solar electricity supply from two plants owned by Octopus Energy and BayWa r.e., through 25-year agreements aimed at powering its rail network.
Solar and storage equipment prices to rise 9% from Q4 2025
The end of China's VAT rebate and reduced output bring an end to eighteen months of historically low prices in solar and storage sectors.
Kuwait shortlists bidders for 500 MW photovoltaic solar project
The Kuwait Authority for Partnership Projects has shortlisted several companies for Phase III of the Al Dibdibah solar plant, with a net capacity of 500 MW.
Indian regulator opens proceedings over solar firms’ losses linked to transmission delays
The Central Electricity Regulatory Commission has agreed to examine compensation claims by ACME Solar and AMPIN Energy, citing losses caused by non-operational transmission lines.

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.