Arevon Closes Mixed Financing for Condor Energy Storage Project in California

Stoel Rives is pleased to have represented Arevon Energy, Inc., in closing, together with Blackstone Credit & Insurance (BXCI), financing for the 200 MW/800 MW-hour Condor Energy Storage Project in Grand Terrace, California, which is slated to begin operations in the second quarter of 2024. The $350 million financing comprises a combination of preferred equity, tax credit transfers, and debt.

Arevon is a leading renewable energy company that develops, builds, finances, owns, and operates solar, storage, and solar + storage hybrid clean energy projects that supply utilities and corporations across the U.S. The company owns and operates more than 3,500 MW of assets across the country and is a renewable energy leader in California with more than 1,900 MW in operation and more than 1,000 MW under construction.

The Stoel Rives team that represented Arevon as sponsor transaction counsel was led by Joseph Nussbaum and Alex Mertens and included Jeffrey Nielson, Kevin Pearson, Jessica Bayles, Riley Scholer, Chris Pearson, and Shelsea Voigt.

For more on the deal, see the Arevon press release.