Arevon Energy has secured financing for its 157 MW and 150 MW/600 MWh Vikings solar-plus-storage project in California, developed for San Diego Community Power. J.P. Morgan provided $191 million in tax credits, while MUFG, BNP Paribas, Sumitomo Mitsui Banking Corp., and First Citizens Bank offered $338 million in debt financing via the Inflation Reduction Act’s tax credit transferability provision.
IRS’s transferability provision boosts solar projects
The project features components from U.S. manufacturers, such as First Solar, Nextracker, and Tesla. Illustration by Arevon Energy.
The 20 MW solar project actively supports Eramet’s SBTi roadmap and climate goals. (Image Source: SolarPanal/Pixabay)
Sherco Solar is the Upper Midwest’s largest solar project, set to power 150,000 homes when fully operational. (Image Source: Xcel Energy)
Overcapacity in the solar PV sector has contributed to persistently low panel prices, creating challenges for manufacturers. (Image Credit/Source: Michael Pointner/Pexels)
The PIF4 project includes Haden (1 GW) and Al Khushaybi (1.6 GW) solar power plants in Saudi Arabia. (Image Source: Sineng Electric)