Arevon acquired from RAI Energy International and Apex Energy Solutions the Vikings Energy Farm, a solar-plus-storage power plant under development in Imperial County, California. Terms were not disclosed.
Once in service, the Vikings Energy farm will be among the first solar peaker plants in the United States.
The facility’s configuration – 150 MW of solar, coupled with 150 MW/600 MWh of battery energy storage – enables it to shift daytime solar production to late afternoon and evening hours, providing on-peak energy.
In late September, Arevon said that it bought a 2 GW/6 GWh supply of Tesla Megapacks through a master supply agreement. Arevon said it anticipates to install 250 MW/1,000 MWh of Tesla Megapack energy storage systems in California and Nevada by the end of the year.
The Vikings Energy Farm is the first project Arevon has acquired since its August spin-off from Capital Dynamics. Arevon said it plans to expand its platform of solar and battery storage projects through customer acquisition, mergers and acquisitions, and development.
The Vikings Energy Farm is contracted for 20 years to provide resource adequacy and renewable energy to San Diego Community Power beginning in 2023. Arevon said it will maintain key commitments made by the original developers.
San Diego Community Power was formed in Fall 2019 and provides electricity supply services for municipal customers in its five member cities of Chula Vista, Encinitas, Imperial Beach, La Mesa, and San Diego.
Amis, Patel & Brewer, LLP represented Arevon as legal counsel. ADN Capital Ventures, Inc. advised the sellers and Davis Wright Tremaine LLP served as legal counsel.