According to a recent LinkedIn post from Arevon Energy Inc, the company has closed $920 million in financing agreements for the under-construction 300 MW/1,200 MWh Nighthawk Energy Storage Project in Poway, California. The package reportedly comprises a $482 million debt facility, $169 million in preferred equity, and a $268 million tax credit transfer commitment, contributing to $5.1 billion in project financings over the past two years.
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The post highlights commentary from Arevon’s Chief Investment Officer emphasizing the role of combining debt, preferred equity, and transferable tax credit structures to fund large-scale energy storage. For investors, the scale and mix of capital suggested in the update may indicate strong lender and investor appetite for Arevon’s storage portfolio, potentially supporting recurring financing access, long-term contracted cash flows, and a more entrenched position in U.S. grid-scale battery energy storage infrastructure.
The involvement of multiple financial institutions and law firms, including CIBC, ING Capital, NORD/LB, Santander, Zions Bancorporation, and Goldman Sachs Alternatives, points to diversified capital relationships that could lower execution risk on future projects. If the Nighthawk project reaches successful completion and operation under current market and policy conditions, it may enhance Arevon’s track record in complex project finance, improving its competitive standing in securing capital for additional storage and renewable assets.