Arevon Energy Vikings Solar-Plus-Storage Project Financing Deal Receives IJGlobal ‘Renewables Deal of the Year—Energy Storage—North America’ Award

Stoel Rives congratulates client Arevon Energy, Inc., on receiving IJGlobal’s “Renewables Deal of the Year—Energy Storage—North America” award for the financing of its Vikings solar-plus-storage project. The Stoel Rives team that represented Arevon as legal counsel for the deal was led by Alex Mertens and Joseph Nussbaum and included Kevin Pearson, Chris Pearson, and Meagan Smith, among others.

The deal, which comprises a senior secured construction, bridge, and term debt facility and the sale of investment tax credits and production tax credits, reflects one of the first applications of the Inflation Reduction Act’s transferability provision, which allows for the transfer of tax credits from project owners to third-party taxpayers. The total financing procured is $529 million.

Arevon, a leading renewable energy company, supplies clean energy to utilities and corporations in North America. Its Vikings power plant, which is located in Imperial County, California, is one of the nation’s first solar “peaker plants”—a power plant that generally runs only when there is a high demand—and combines 157 MWdc of solar with 150 MW/600 MWh of battery energy storage.  

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