Arevon’s Vikings Solar-plus-Storage Project Wins IJGlobal’s Renewables Deal of the Year – Energy Storage – North America Award 

NEW YORK and SCOTTSDALE, Ariz. (March 15, 2024) – Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, is honored to announce that the company’s Vikings Solar-plus-Storage Project is the IJGlobal Renewables Deal of the Year – Energy Storage – North America award winner. On March 14, Arevon team members and various financial and investment partners who successfully closed the project’s $529 million financing package attended the 2023 IJGlobal Awards Ceremony in New York. The esteemed IJGlobal Awards highlight greenfield and refinancing deals that closed in the 2023 calendar year, and winners are selected by the IJGlobal editorial team. 

The Vikings Solar-plus-Storage Project is located in Imperial County, California, and is recognized as one of the first solar peaker plants in the United States. The facility is 157 megawatts (MWdc) of solar coupled with 150 MW/600 megawatt hours of battery energy storage, allowing it to shift daytime solar production to late afternoon and evening hours and provide on-peak energy when necessary. Vikings is contracted to provide resource adequacy and renewable energy to San Diego Community Power upon completion this year. 

The Vikings financial close was announced in November 2023 as the nation’s first utility-scale solar peaker plant to leverage the Inflation Reduction Act’s transferability provision since its passing. Arevon secured a commitment with J.P. Morgan to purchase $191 million of investment tax credits and production tax credits. The additional $338 million debt facility was financed with MUFG, BNP Paribas, Sumitomo Mitsui Banking Corporation, and First Citizens Bank, who acted as Coordinating Lead Arrangers. National Bank of Canada also participated as a lender. 

 “Vikings sets the benchmark for responsible and transformative investments in the renewable energy sector. Beyond its complex financing structure, the project’s unique 1:1 solar-storage configuration is key to grid resiliency,” Kevin Smith, Chief Executive Officer at Arevon said. “We are honored to receive this award in recognition of the role Arevon has in executing innovative financing transactions, decarbonizing our energy infrastructure, and supporting the economic development of local communities.” 

About Arevon 
Arevon Energy, Inc. is a leading renewable energy company, supplying clean energy to utilities and corporations across North America. Headquartered in Scottsdale, Arizona, and New York City, Arevon uses innovative approaches and leading-edge technology to develop, build, finance, own, and operate clean energy projects. Arevon owns and operates more than 3,500 megawatts (MW) of solar, storage, and solar + storage hybrid assets and is currently constructing more than 1,000 MW of new capacity. Arevon has a robust portfolio of more than 6 gigawatts of projects in development which will enable the company to provide more clean, cost-effective energy to homes and businesses. Its financial strength, innovation, and industry expertise come together to improve the structure and performance of its platform of solar and energy storage power plants. Arevon was named one of Arizona’s Top Workplaces in 2022 and 2023. For more information, please visit: www.arevonenergy.com. 

Media Contact 
Blair Matocha, Director of Communications 
Arevon Energy, Inc. 
bmatocha@arevonenergy.com 
(713) 898-1325