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Arevon Energy Secures $1.1 Billion for Eland 2 Solar-plus-Storage Project in California, Set for 2025 Launch.

Arevon Energy, a renewable energy developer, owner, and operator, has secured $1.1 billion in aggregate financing commitments for its Eland 2 Solar-plus-Storage project in Kern County, California. The project, set to come online in Q1 2025, will provide 200 MW of electricity under a power purchase agreement with Southern California Public Power Authority and will dispatch electricity from Tesla Megapack 2 XL batteries for up to four hour durations during peak grid demand. Wells Fargo provided $431 million in tax equity commitment and $654 million in debt financing. The company also secured $350 million from Blackstone Credit and Insurance to support a 200 MW battery project in Grand Terrace, California, which is set to reach commercial operations in Q2 2024.

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