Arevon Energy Secures $920M for 300-MW Nighthawk Energy Storage Project in California
Arevon Energy, Inc. has closed a $920 million financing package for the Nighthawk Energy Storage Project in Poway, California. The financing includes a $482 million debt facility and a $169 million preferred equity investment from Goldman Sachs Alternatives. The project, expected to be operational later this year, will supply energy to around 385,000 homes for up to four hours during peak demand and is projected to generate over $30 million in property tax payments.
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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.
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