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Arevon Energy, Inc. has secured a $920 million financing package for the 300-MW Nighthawk Energy Storage Project in Poway, California. The financing consists of a $482 million debt facility led by CIBC and a $169 million preferred equity investment from Goldman Sachs Alternatives.

The project will utilize lithium iron phosphate technology and is expected to provide energy to 385,000 homes for up to four hours during peak demand. Arevon will own and operate the facility, which is anticipated to generate over $30 million in property tax payments. Construction is expected to be completed later this year, with local workforce contributions exceeding 130 workers.