Arevon Completes Financing on Nation's First Utility-Scale Solar Peaker Project Using the IRA's Transferability Provision
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Vikings solar-plus-storage project financing driven by Arevon's innovative approach to combine the Inflation Reduction Act's tax credit transferability provisions with debt in a
"Vikings has been a landmark project from its inception. It is one of the nation's first solar peaker plants, and today it is one of the first utility-scale solar-plus-storage ITC and PTC transferability transactions to close since the Inflation Reduction Act passed in August 2022," stated Kevin Smith, Arevon's CEO. "Vikings is an important project in our portfolio, representing Arevon's ongoing commitment to powering the clean energy transition with renewable energy while using energy storage to enable solar to meet peak electricity demand and increase grid resilience."
Located in
The project showcases key
The IRA's transferability tax credit provision allows for the simple transfer of tax credits from project owners to profitable taxpayers, according to the EPA's Green Power Markets Summary. In June of 2023, the
"ITC and PTC tax credit transferability is a major step forward for the energy transition, post-IRA, and we are excited to be able to leverage it on the Vikings financing structure," said Daniel Murphy, Arevon's Director of Project Finance. "This solar peaking project concept is a key strategy for Arevon, and we are grateful to our financing parties for their support on this groundbreaking financing using tax credit transferability."
Stoel Rives represented Arevon as legal counsel; Milbank LLP served as transfer counsel; and Winston & Strawn LLP served as lender counsel.
About Arevon
Arevon Energy, Inc. is a leading renewable energy company, supplying clean energy to utilities and corporations across
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SOURCE Arevon
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