NEW YORK AND SCOTTSDALE, ARIZ.—Arevon Energy, Inc. (“Arevon”), a renewable energy company, has launched today through the combination of Capital Dynamics’ U.S. Clean Energy Infrastructure (“CEI US”) team and Arevon Asset Management, Capital Dynamics’ former exclusive energy asset management affiliate. Arevon is 100% owned by an investor group comprised of APG, the California State Teachers’ Retirement System (“CalSTRS”), and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”).
Arevon will support a standalone clean energy platform of 4.5 GW of operating, under construction, and late-stage development solar and battery storage projects, as well as a 3.0 GW pipeline. The transaction is subject to regulatory approvals and is expected to close by early 2022.
With significant industry experience among its more than 100 professionals, Arevon will offer customized clean energy solutions to utilities and corporations and plans to expand its platform of solar and battery storage projects through customer acquisition, M&A, and select development activities.
“Launching this clean energy platform gives Arevon the flexibility to expand our capabilities and engage in new partnerships,” said John Breckenridge, Arevon’s Chief Executive Officer and former Head of Clean Energy Infrastructure at Capital Dynamics. “As the renewables industry matures, it is essential we bring both innovative offtake solutions and operational excellence to the market. Our seasoned operations team, combined with our access to capital, positions us to accomplish those goals and continue to grow the platform’s portfolio of clean energy assets in North America.”
Khadem AlRemeithi, Executive Director of the Real Estate & Infrastructure Department at ADIA, said: “Renewable energy is an area of keen interest for ADIA and we have built a sizeable, global portfolio in the sector. By investing alongside proven partners in Arevon, we are supporting the creation and future growth of an innovative renewable energy platform.”
Steven Hason, Head of Americas Real Assets at APG said, “As a pension investor, we are continuously looking for attractive infrastructure investments that help us realize stable, sustainable, and long-term returns for our pension clients. This transaction represents an opportunity to continue our clean energy investments alongside our partners and play a significant role in the U.S. energy transition. We look forward to further collaborating with our partners who share our long-term investment goals.”
In addition to Breckenridge, Arevon’s management team includes three Executive Vice Presidents: Justin Johnson, former head of Arevon Asset Management, as Chief Operating Officer, Brian Callaway as Chief Financial Officer, and Tommy Greer as Chief Commercial Officer. Callaway joins the company from AES, where he was Vice President of Growth Initiatives and previously served as Vice President of Structured Finance and M&A for sPower. Greer joins from EDP Renewables, where he was the Head of Origination for North America.
“We’re launching into this next chapter with a deeply experienced team that shares a passion for driving the clean energy transition,” said Johnson. “Arevon brings together an unmatched mix of project finance, construction, development and operations experience, aided by customized analytical tools that give us an edge when it comes to optimizing asset performance.”
Arevon will continue to provide consulting and support services to other generation assets for Capital Dynamics, an independent global private asset management firm based in Switzerland. Ropes & Gray acted as legal counsel to the Investor Group.
About Arevon Energy, Inc.
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, AZ, 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 ADIA
Established in 1976, the Abu Dhabi Investment Authority is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information: https://www.adia.ae
About APG
As the largest pension provider in the Netherlands, APG looks after the pensions of 4.7 million participants. APG provides executive consultancy, asset management, pension administration, pension communication, and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €587 billion in pension assets as of May 30, 2021. APG has offices in Heerlen, Amsterdam,
Brussels, New York, and Hong Kong. For more information, please go to https://apg.nl/en/
About CalSTRS
The California State Teachers’ Retirement System is the largest educator-only pension fund in the world, and the second-largest pension fund in the United States with approximately $308.6 billion in assets under management as of June 30, 2020. Established in 1913, CalSTRS provides a secure retirement for more than 975,000 members and beneficiaries.