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US developer secures $1.1 billion for California solar-storage project

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US developer secures .1 billion for California solar-storage project


Arevon Energy secured the funds for a 374 MW solar project with 150 MW / 600 MWh of co-located energy storage.

From pv magazine USA

Arevon Energy, a renewable energy developer, has secured $1.1 billion in aggregate financing commitments to support the development of its Eland 2 solar-plus-storage project in Kern County, California.

Eland 2 is a 374 MW solar, 150 MW/600 MWh storage project. The project is set to come online in the first quarter of 2025.

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Wells Fargo provided $431 million in tax equity commitment. Arevon Energy also obtained $654 million of debt financing, including a construction-to-term loan, tax equity bridge loan, and letter of credit facilities.

Eland 2 will provide 200 MW of electricity under a power purchase agreement with Southern California Public Power Authority. The project will dispatch electricity from Tesla Megapack 2 XL batteries, for up to four hour durations during peak grid demand.

Combined with the project’s first phase Eland 1, the projects will total for 751 MWdc of solar and 300 MW / 1,200 MWh of energy storage. 

“Solar-plus-storage projects – like our flagship Eland 1 and 2 facilities – play an important role in Arevon’s strategy. Hybrid power plants deliver a more reliable, predictable energy yield during peak electricity demand periods, which in turn enables consistent returns across our diverse, multi-gigawatt portfolio,” said Kevin Smith, CEO of Arevon.

Canadian Imperial Bank of Commerce (CIBC) served as the administrative agent, coordinating lead arranger, green loan coordinator, and bookrunner. Other coordinating lead arrangers included BNP Paribas, CoBank, Commerzbank AG, Commonwealth Bank of Australia, and National Bank of Canada. J.P. Morgan served as joint lead arranger, collateral and depositary agent. Amis, Patel & Brewer, LLP represented Arevon as sponsor counsel; Milbank LLP served as lender counsel; and Sheppard Mullin served as tax equity counsel.

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Headquartered in Scottsdale, Arizona, Arevon owns and operates more than 3.5 GW of solar and storage assets across the country. The company has a project pipeline of more than 6 GW in development.

Arevon also recently announced a successful close of $350 million from Blackstone Credit and Insurance. The funds will support a 200 MW / 800 MWh battery project in Grand Terrace, California that is slated to reach commercial operations in Q2 2024. The project made use of the US Inflation Reduction Act’s new tax credit transferability rule.

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California returns stretch of coast to Indigenous tribes. ‘This is beyond huge’

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California returns stretch of coast to Indigenous tribes. ‘This is beyond huge’


California is returning a stretch of rugged Mendocino County coast to the Indigenous nations whose ancestors once stewarded its shores.

State transportation officials recently approved the transfer of Blues Beach and the surrounding bluffs to Kai Poma, a nonprofit founded by representatives of the Sherwood Valley Band of Pomo Indians, Round Valley Indian Tribes and Coyote Valley Band of Pomo Indians.

The transfer of 136 acres just south of the community of Westport will mark the first time land managed by the California Department of Transportation has been returned to Indigenous tribes.

“This is beyond huge,” said J. Carlos Rivera, tribal chairman of the Sherwood Valley Band of Pomo Indians. “It’s enormous from our tribal perspective that we are basically obtaining the land that our people once lived on before colonization.”

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California purchased the swath of rocky cliffs and windswept shoreline in the 1960s to expand the construction of Highway 1 and create a scenic viewpoint for highway travelers, according to a California Coastal Commission report.

More recently, public access has been largely unregulated, and summer weekends and holidays have drawn large groups who camp and party on the beach, at times driving through sensitive areas, damaging cultural sites and leaving behind trash, the report states.

Kai Poma plans to conduct cultural and archaeological resource studies and environmental surveys and then prepare a resource management plan for the property, according to planning documents. The nonprofit and the Coastal Commission have drafted a public access management plan that states the land will be open from sunrise to sunset.

Rivera described the entire property as a sacred site. The coastal waters are used by tribal people for seaweed and abalone gathering, and the shores host youth cultural camps, he said. “Protecting the land, it has a deeper meaning for us because we’re connected to the land,” he said.

The effort to acquire the land took years — and required a change in state law. Caltrans lacked the ability to transfer land to tribal governments until 2021, when Gov. Gavin Newsom signed a bill sponsored by state Sen. Mike McGuire (D-Healdsburg) that enabled the transfer, according to a news release issued at the time. The law also bars commercial activity on the property and requires public access be maintained.

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“With 136 acres now officially transferred into tribal stewardship, one of the most spectacular stretches of the Mendocino Coast will be forever protected,” McGuire said in a statement.

“This agreement, the first of its kind in California, gives these three dynamic Native American tribes the rightful opportunity to reclaim sacred lands and cultural traditions on this special piece of earth. And it’s about damn time.”

The land transfer cleared its last regulatory hurdle June 26 with the approval by the California Transportation Commission, said Neil Thapar, an attorney who works as an advisor and legal consultant to Kai Poma. Caltrans staff will next record the deed transferring the title from the state of California to Kai Poma, which is expected to happen any day, he said.



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What’s open, closed for Independence Day weekend in California?

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What’s open, closed for Independence Day weekend in California?


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With July 4 falling on a Saturday this year, many businesses and organizations are taking the day off Friday, July 3, to mark America’s 250th birthday. From banking to mail service, here’s what’s open and closed for the holiday weekend.

Most federal offices closed, mail service to continue

Non-essential federal offices will be closed on July 3. However, mail service will continue as normal, and post offices are scheduled to remain open.

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Most California government offices to remain open

Most California government offices will be open on July 3, with some exceptions.

DMV offices throughout the state will be open. However, the Employment Development Department will be closed.

DMV offices that offer Saturday hours will be closed on July 4.

Private parcel services to remain open

UPS and FedEx are both scheduled to operate normally on July 3, but will suspend service on July 4.

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Stock markets closed

Both the New York Stock Exchange and Nasdaq will be closed on July 3.

Most banks to stay open

While most banks were expected to operate normally on July 3, some may operate under modified holiday hours. All banks will be closed on July 4.

Online banking services should remain operational.

Grocery stores

Most major grocery chains will be open on both July 3 and July 4. Trader Joe’s locations will be open for regular business on July 3 but will close early at 5 p.m. on the Fourth of July.

Retailers

Many major retail stores, such as Walmart and Target, plan to operate under normal business hours on both July 3 and 4. All Costco warehouse stores operate under normal business hours on July 3, but will close on July 4.

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Restaurants

Most major restaurant chains remain open on July 4, but some will have limited hours. All Raising Cane’s locations will close on July 4.



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California gets Bruce Lee Day in a first for US state’s Chinese Americans

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California gets Bruce Lee Day in a first for US state’s Chinese Americans


Bruce Lee Day aims to honour the San Francisco-born martial arts legend as a cultural bridge and Asian-American icon.

Martial arts icon Bruce Lee will become the first Chinese American in California history to be honoured with an annual namesake day.

California Governor Gavin Newsom signed a law on Tuesday afternoon, officially designating May 17 as Bruce Lee Day.

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Lee was born in San Francisco in 1940 and returned to the city on May 17, 1959, aged 18, after spending his childhood in Hong Kong.

His daughter, Shannon Lee, CEO of the Bruce Lee Foundation, said the honour reflects her father’s enduring legacy as a bridge between cultures.

“From young people who found confidence and possibility in his philosophy, to families who finally saw themselves represented on screen, to athletes who still draw on his teachings of discipline and inner strength, his reach is profound,” she said in a statement.

State Assembly member Matt Haney, who represents San Francisco, called Lee the “epitome of the best of California”.

“At a time when Asian Americans were too often absent from or stereotyped on screen, Bruce Lee helped generations see themselves represented with strength and dignity,” he said.

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The Bruce Lee Foundation and Asian-American groups hope Bruce Lee will be celebrated each year with voluntary activities, including cultural exhibits, public events and classroom lessons.

Born to Chinese parents touring the US with an opera, Lee held birthright citizenship. He moved to Hong Kong as an infant, became a child actor, and studied Chinese kung fu before returning to the US in 1959.

He enrolled at the University of Washington in Seattle in 1961, but dropped out to teach martial arts.

In the 1960s, Lee appeared in Hollywood, most notably as Kato in the TV series The Green Hornet, but said studios typecast him in racist roles and paid him less than white actors.

He returned to Hong Kong and starred in martial arts films, including The Big Boss and Fist of Fury.

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Lee died tragically in 1973 at the age of 32 after an allergic reaction to pain medication.

His name and likeness remain widely popular.

Fans gather on his birthday, and a treatment he wrote for a television series inspired the HBO Max show “Warrior”.



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