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Renewable energy developer Arevon Energy announced that it has secured $920 million in financing for […]]
Arevon Secures $920 Million for New California Energy Storage Project – ESG Today
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Energy Transition/ Sustainable Finance
Arevon Secures $920 Million for New California Energy Storage Project
Kenny Fisher
March 12, 2026
Renewable energy developer Arevon Energy announced that it has secured $920 million in financing for its large-scale battery facility in California, Nighthawk Energy Storage Project
The new project, currently under construction in Poway, California, and expected to become operational this year. According to Arevon, with a capacity of 300 MW, the facility will be capable of powering 385,000 homes for up to four hours during peak demand periods.
The company added that the new project will strengthen grid reliability in the San Diego region by storing electricity during periods of lower demand and dispatching energy during peak usage hours, with a long-term agreement in place to provide resource adequacy capacity to Pacific Gas and Electric Company (PG&E).
Denise Tait, Chief Investment Officer at Arevon, said:
“This transaction demonstrates how innovative capital solutions can unlock long-term investment in critical grid infrastructure, even amid evolving market and policy conditions. It reflects the strength of our financial partnerships and Arevon’s commitment to delivering durable, long-term value.”
The funding package includes a $482 million debt facility arranged by CIBC as Left Lead Arranger, alongside ING Capital LLC, NORD/LB, Santander, and Zions Bancorporation; a $169 million preferred equity investment structured to simplify the monetization of tax credits with Goldman Sachs Alternatives; and a $268 million tax credit transfer commitment with a corporate purchaser.
Vikas Agrawal, Managing Director, and Co-Head of Energy Transition Climate Credit at Goldman Sachs Alternative said:
“Energy storage is essential to grid reliability and the energy transition. Goldman Sach’s long history financing Arevon and Arevon’s track record as a leading developer and operator makes them an ideal partner. The Nighthawk project exemplifies the type of large-scale, high-impact investment opportunity that our strategy was designed to support, and we look forward to continuing to deploy capital and offering bespoke financing solutions that deliver both strong risk-adjusted returns and meaningful environmental benefits.”
Arevon owns and operates more than 6 gigawatts (GW) of solar and energy storage projects across 18 U.S. states, representing more than $11 billion in capital investment, and is currently constructing more than 600 megawatts (MW) of additional projects.
Kenny Fisher
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