Arevon Energy Inc. is rapidly expanding its renewable energy energy portfolio, with more than 4 GW of operational capacity and 2 GW of new projects under construction. The independent power producer (IPP) is projecting future growth through its 6 GW development pipeline.

Based in Scottsdale, Arizona, and with a regional office in New York City, Arevon maintains a portfolio of utility-scale solar, energy storage and solar + storage hybrid projects, as well as select distributed generation solar assets. Over the last year, the company has completed $3 billion in project financings for new projects that have initiated construction across the United States.

Since Arevon established itself as an IPP in 2021, the company has evolved into an industry leader in U.S. clean energy development, finance, construction, and operation as the sector continues to expand. A recent BloombergNEF report found that zero-carbon technologies comprised more than 40% of global electricity generation for the first time in 2023. Solar and wind represented more than 90% of global energy capacity additions last year, a step up from 2022, with solar now the fastest growing and most cost-effective source of new electricity supply worldwide.

“Arevon is doing its part to accelerate the energy transition and bring clean and sustainable energy to communities while creating thousands of jobs and generating tax revenue to support local governments, schools, and emergency services,” said Arevon CEO Kevin Smith. “The renewable energy sector is poised to continue trending upwards, with strong support from the Inflation Reduction Act and a dynamic workforce among a growing number of companies that support the industry. The solar energy industry is also leading the rapid increase in new manufacturing jobs and activities in the United States.”

Arevon Powers the Energy Transition

Arevon owns and operates a diverse generation portfolio of more than 4 GW of renewable energy projects across 17 U.S. states — which includes more than 3.5 GWdc of solar and 500 MW of energy storage. These capacity figures include solar PV projects, solar + storage hybrid projects, as well as standalone energy storage projects.

The company is constructing approximately 2 GW of new clean energy installations, including more than 1.5 GWdc of solar as well as 500 MW of energy storage, of which two projects are solar + storage hybrid projects. Arevon is currently building projects in six U.S. states: California, Indiana, Colorado, Pennsylvania, Illinois and New Jersey.

Arevon Leads Industry-First Investments

With six project financing transactions totaling $3 billion completed over the past year, Arevon’s climate finance structures have set new standards for renewable energy projects.

In November 2023, Arevon announced a $529 million financial close on the Vikings Solar-plus-Storage Project. Vikings pairs 157 MWdc of solar with 150 MW / 600 MWh of battery energy storage. As one of only a handful of hybrid peakers nationwide, it was lauded for its unique 1:1 configuration of solar to energy storage. Notably, Vikings was one of the first utility-scale solar-plus-storage investment tax credit and production tax credit transferability transactions since the Inflation Reduction Act passed in August 2022. Thedeal was named IJGlobal’s Renewables Deal of the Year – Energy Storage Award.

In addition to Vikings Solar-plus-Storage, Arevon has announced more executed financial deals, including a $299 million financing package for its Ratts 1 and Heirloom Solar Projects; a $352 million financial close for the Posey Solar Project; a $350 million preferred equity, debt, and ITC transfer financing for its Condor Energy Storage Project; and a $1.1 billion tax equity commitment and debt financing including a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities for its Eland 2 Solar-plus-Storage Project.

What’s Next for Arevon

In 2024 and beyond, Arevon will continue to leverage its industry expertise, financial prowess, and technical innovation to enhance the structuring and performance of its renewable energy projects.

“Our diversified, high-performance portfolio, along with our strong partnerships with financial, commercial, and supplier counterparties, as well as the diverse communities where our projects reside, underscore our success as a leading renewable energy company,” Smith said. “Looking ahead, Arevon will continue to focus on our exceptional safety record and close collaboration with construction and operations and maintenance contractors to maintain a strong safety culture across all of our projects. Moreover, we will carry on with delivering value to our partners, project stakeholders, and host communities as we work to propel clean energy generation across the United States to create a sustainable energy future for our children and grandchildren.”

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