Business
Arevon Closes $920 Million in Financing for its 1,200 Megawatt-Hour Nighthawk Energy Storage Project in California
Arevon Energy, Inc., a leading American energy developer, owner, and operator, today announced it has successfully closed a $920 million financing package for its 300 megawatt (MW)/1,200 megawatt-hour (MWh) Nighthawk Energy Storage Project, currently under construction in Poway, California.
About this update from Goldman Sachs Group, Inc. (the)
[{"type":"text","content":"The financing package includes a debt facility, preferred equity investment, and tax credit transfer commitment for Arevon's largest standalone energy storage project and contributes to the company's $5.1 billion in project financings closed in the last two years","length":276,"tagName":"p"},{"type":"text","content":"SCOTTSDALE, Ariz. and POWAY, Calif., March 11, 2026 /PRNewswire/ -- Arevon Energy, Inc., a leading American energy developer, owner, and operator, today announced it has successfully closed a $920 million financing package for its 300 megawatt (MW)/1,200 megawatt-hour (MWh) Nighthawk Energy Storage Project, currently under construction in Poway, California.","length":364,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Arevon)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Arevon)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":225,"url":"https://media.zenfs.com/en/prnewswire.com/d68da7bc5a635daef387d37a6b7189b7"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/.hJTTiDuMh6rCUE_4KMdfw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5NztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/d68da7bc5a635daef387d37a6b7189b7","width":400,"height":225}},"href":"https://mma.prnewswire.com/media/2006958/AREVON_logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The financing package includes a $482 million debt facility arranged by CIBC as Left Lead Arranger, alongside ING Capital LLC, NORD/LB, Santander, and Zions Bancorporation; a $169 million preferred equity investment structured to simplify the monetization of tax credits with Goldman Sachs Alternatives; and a $268 million tax credit transfer commitment with a corporate purchaser. Arevon was represented by Latham & Watkins and Sheppard. Norton Rose Fulbright and Allen Matkins served as Counsel to the lenders. Milbank LLP and Allen Matkins acted as Counsel to Goldman Sachs, and CG/CRC-IB served as Arevon's tax equity advisor.","length":638,"tagName":"p"},{"type":"text","content":""CIBC is thrilled to have supported Arevon as Left Lead Arranger, Administrative Agent, Coordinating Lead Arranger, and Bookrunner on a unique financing structure for the Nighthawk Energy Storage Project," said Emma Raine, Executive Director, Project Finance at CIBC. "Partnering with leading r...