NEW YORK and SCOTTSDALE, Ariz. – Arevon has secured a tax equity investment from Goldman Sachs for the Townsite solar-plus-storage facility in Boulder City, Nevada. Townsite features a 193.95 MW solar field and 90 MW/360 MWh of storage. The power plant’s output is contracted to three different off-takers in the region.
“Finalizing this tax equity investment allows us to continue driving the clean energy transition,” said Brian Callaway, Arevon executive vice president and chief financial officer. “Arevon is pleased to have worked with Goldman Sachs as the tax equity investor in a deal that supports the California ISO’s import needs and capitalizes on a growing resource adequacy market.”
When complete, energy from the Townsite facility will serve two municipalities and an electric cooperative through long-term contracts, allowing each to deliver renewable energy to their customers at a stable rate.
Noah Aronson, a vice president, project finance at Arevon, added, “This tax equity financing features an innovative structure that optimizes capital structure and operational efficiencies across multiple municipal and electric cooperative offtakers and revenue profiles. This transaction proves that Arevon’s established relationships with our financial partners puts scalable financing at our fingertips.”
“At Goldman, we recognize the importance of storage in furthering the use of renewables to replace conventional sources of generation by shifting power from when it is produced to when it is needed. We are constantly working on creative financing solutions such as this one for the Townsite project to achieve that objective and are pleased to further our relationship with the Arevon team and continue our commitment to building a clean energy future,” said Vivek Kagzi, of the Sustainable Investing business within Goldman Sachs Asset Management.
Amis, Patel & Brewer, LLP represented Arevon as legal counsel and Hunton Andrews Kurth LLP represented Goldman Sachs.
About Arevon
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 Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.