The company now operates more than 4,000 megawatts of renewable energy capacity and is continuing its growth with 2,000 megawatts of new clean energy projects under construction, creating thousands of jobs across the United States
Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, announced today (Sept 10) at the RE+ 2024 event the continued expansion of its clean energy portfolio, with more than 4,000 megawatts (MW) of operational capacity, 2,000 MW of new projects under construction, and projections for future growth through its 6 gigawatt 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 12 months, 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 independent power producer 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. Remarkably, 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 goverments, schools, and emergency services," said Kevin Smith, Chief Executive Officer at Arevon. "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 4,000 MW of renewable energy projects across 17 U.S. states - which includes more than 3,500 MWdc 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 2,000 MW of new clean energy installations, including more than 1,500 MWdc 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.
In addition to its rising capacity, Arevon's headcount is also increasing. To support its operational fleet and projected growth, Arevon employs more than 250 mission-driven employees who are dedicated to advancing clean energy. The company plans to continue to expand its staff over the coming years.
Arevon's scale is recognized by the industry. Recently, the company achieved the #2 rank in Solar Power World's Top Solar Developers List. The list is organized by kilowatts (DC) installed in 2023, and Arevon also led the nation as the largest developer in Nevada.
Arevon Leads Industry-First Investments
With six project financing transactions totaling $3 billion completed over the past year, Arevon's innovative 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 megawatt/600 megawatt hours 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. The deal 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," said Smith. "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."
Arevon anticipates announcing more news pertaining to commercial, financial, commercial operation, sustainability, and other project-related milestones throughout the remainder of the year.
About Arevon
Arevon Energy, Inc. is a leading renewable energy company, supplying clean, reliable, and cost-effective energy to utilities and businesses, while powering the energy transition across the United States. Headquartered in Scottsdale, Arizona, and with a regional office in New York City, Arevon's more than 250 mission-driven employees use innovative approaches and leading-edge technology to develop, build, finance, own, and operate renewable energy projects. Arevon owns and operates more than 4,000 megawatts (MW) of utility-scale solar, storage, and solar + storage hybrid projects as well as distributed generation assets in 17 U.S. states. The company is currently constructing more than 2,000 MW of new capacity and has a robust development portfolio of more than 6 gigawatts. For more information, visit www.arevonenergy.com.
