FinancingClosedPress / newsJune 15, 2024

Eland 2 Solar+Storage (374 MW solar + 150 MW BESS, California)

CoBank as Coordinating Lead Arranger for Arevon Eland 2 solar+storage in California.

Share on LinkedIn Source: Industry Source →

$679M

Deal Value

524MW

Capacity

600MWh

Storage

Solar + Storage

Technology

Location

Project: Eland 2 Solar+Storage (374 MW solar + 150 MW BESS, California)Asset profile →

MarketsCalifornia Solar + Storage CAISO

Deal Details

Deal Type: Project Finance
Seller / Sponsor: Arevon Energy
Buyer / Financier: CoBank
Deal Value: $679M
Stage: Unknown
ISO/RTO: CAISO
Source: Industry Source

Capital Structure

$1.10B

Total transaction value

Debt$654M60%

Tax Equity$431M40%

Tranches

Tax Equity · Wells Fargo: $431M
Construction-to-Term Loan · CIBC (admin agent / CLA), with BNP Paribas, CoBank, Commerzbank, Commonwealth Bank of Australia, National Bank of Canada: —
Tax Equity Bridge Loan · CIBC-led bank group: —
Letter of Credit · CIBC-led bank group: —

Service Providers

Advisory & Legal

Sponsor Counsel: Amis Patel & Brewer
Lender Counsel: Milbank
taxCounsel: Sheppard Mullin

Finance Counterparties

Lenders & Capital Providers

Coord. Lead Arranger: CIBC; BNP Paribas; CoBank; Commerzbank; Commonwealth Bank of Australia; National Bank of Canada
Administrative Agent: CIBC
bookrunner: CIBC
jointLeadArranger: J.P. Morgan
Collateral Agent: J.P. Morgan
Tax Equity: Wells Fargo

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