NEW YORK and SCOTTSDALE, Ariz. – Arevon, a leading renewable energy company, has acquired from RAI Energy International and Apex Energy Solutions the Vikings Energy Farm, a solar-plus-storage power plant under development. The Vikings Energy farm is among the first solar peaker plants in the United States. The facility’s 1:1 configuration – 150 MW of solar, coupled with 150 MW/600 MWh of battery energy storage – will allow it to shift daytime solar production to late afternoon and evening hours, providing on-peak energy whenever necessary.
“Arevon is at the forefront of powering the energy transition through solar and storage resources. The acquisition of the Vikings Energy Farm relied on all of Arevon’s tools – our understanding of the market, our financial capability, and our ability to deliver innovative energy solutions,” said John Breckenridge, Arevon’s chief executive officer. “This multi-faceted expertise shows the advantage a vertically-integrated renewable company like Arevon brings to the market.”
The Vikings Energy Farm is the first project Arevon has acquired since its August 2021 spin-out from Capital Dynamics. Arevon plans to expand its platform of solar and battery storage projects through customer acquisition, M&A, and select development activities.
“With the Vikings Energy Farm, Arevon is taking an important step to enable a 24/7 renewable power future,” said Joseph Santo, director, investments at Arevon. “We are excited to work with San Diego Community Power and our development partners, RAI Energy International and Apex Energy Solutions, to bring this project online.”
“Vikings Energy Farm is emblematic of the type of solar plus storage projects that are needed to meet our state’s ambitious climate goals,” said RAI Energy chief executive officer Mohammed S. Alrai. “This acquisition is a key validation of our strategy to originate projects that are uniquely designed for the California market. We are thrilled to partner with Arevon to bring the project online and fulfill our commitments to the local community.”
The Vikings Energy Farm is contracted to provide resource adequacy and renewable energy to San Diego Community Power beginning in 2023. Arevon will maintain key commitments made by the original developers, creating a program to benefit Holtville, Calif., students and using union labor to construct the facility.
Amis, Patel & Brewer, LLP represented Arevon as legal counsel. ADN Capital Ventures, Inc. advised the sellers on the sale of the project and Davis Wright Tremaine LLP served as legal counsel.
Arevon Energy, Inc. is a leading renewable energy company with roots as one of the largest renewable asset managers in the United States. Arevon’s financial prowess and industry expertise come together to improve the structure and performance of clean energy assets across North America. Headquartered in Scottsdale, Ariz., and New York City, Arevon uses innovative approaches and leading-edge technology to provide commercial, financial, performance asset management, and construction services to nearly 10 GWac of renewable energy assets delivering clean energy to utilities and corporations. For more information, please visit: www.arevonenergy.com
About RAI Energy
Based in Silicon Valley, Calif., RAI Energy International, Inc. is a global renewable energy development company. RAI Energy has successfully developed more than 550 MW of utility-scale and distributed generation solar PV in North America and overseas. In addition, the company has a robust portfolio of 500 MW of solar and 750 MW of energy storage projects in California, Arizona, Nevada, and Texas. For more information on RAI Energy, please visit its website at www.raienergy.com.