Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, has secured $258 million in financing for its 200-megawatt/400-megawatt-hour Peregrine Energy Storage Project in San Diego’s Barrio Logan community, California.
With its innovative financing structures, Arevon has set new benchmarks for renewable energy projects. The Peregrine Energy Storage Project marks the seventh project to achieve financial close in the past 15 months, bringing Arevon’s total financing to over $3.2 billion. For this project, Arevon finalized a $179 million debt package, which will transition into preferred equity and tax credit transfers. Santander acted as the Administrative Agent and Coordinating Lead Arranger, with CoBank, ACB, also involved. BNY served as the Security Agent. Latham & Watkins represented Arevon as Borrower Counsel, while Norton Rose Fulbright advised the Lenders.
In addition, Acadia Infrastructure Capital arranged a $79 million preferred equity commitment for the Peregrine Energy Storage Project and managed the initial mechanical completion funding. Acadia and its Class A equity partner were advised by Amis, Patel & Brewer, LLP, while Latham & Watkins represented Arevon as Sponsor Counsel. CRC-IB acted as Arevon’s sole financial advisor.
“Peregrine builds upon the complex financings Arevon has closed in the last year, including Ratts 1 Solar and Heirloom Solar, which were the company’s first uncommitted tax equity and tax credit bridge transactions, and Condor Energy Storage, which was Arevon’s first executed deal to utilize a preferred equity investment with 100 percent of the tax credits transferred to two buyers,” said Denise Tait, Chief Investment Officer at Arevon. “We value our partners who trust in our innovative structures and support our continued efforts to develop more clean energy in California.”
“The advancement of our energy infrastructure relies on energy storage and its ability to strengthen grid reliability and energy security while lowering electricity costs with American-made generation sources,” said Kevin Smith, Chief Executive Officer at Arevon. “Arevon is pleased to announce Peregrine Energy Storage’s financial close, which adds to Arevon’s banner year of completed transactions in 2024, and we remain grateful for the continued collaboration and like-minded commitments from our financial partners.”
