Deal Closing Announcement (Vikings) And Recent Milestone Announcement
ADN advises on the successful sale of the Vikings Energy project, a hybrid 150 MW dc solar project with 600 MWH (4 hours) battery energy storage, Imperial County, California
We are excited to share with you the recent news that one of our transactions was successfully completed. Our firm, ADN Capital Ventures, advised (sell-side advisor) on the sale of the Vikings Energy Farm project, a hybrid 150 MW dc solar project with 600 MWH (4 hours) battery energy storage in Imperial County, California. The Vikings Energy Farm project is the first solar peaker plant in the United States. More information regarding the Vikings Energy Farm, please see press release links: https://arevonenergy.com/arevon-acquires-vikings-energy-farm/ and
AREVON BUYS SOLAR-PLUS-STORAGE PROJECT
Arevon has bought the Vikings Energy Farm, a 150 MW solar project coupled with 150 MW/600 MWh of battery storage, from RAI Energy International, Arevon announced today.
The Vikings project is one of the first solar peaker plants in the US, according to a 6 October press release. It is also Arevon’s first acquisition since the company spun out of Capital Dynamics this summer. Terms of the transaction were not released.
ADN Capital Ventures acted as financial advisor to RAI, while Davis Wright Tremaine served as the firm’s legal advisor. Amis, Patel & Brewer acted as Arevon’s legal counsel; the company did not work with a financial advisor, according to a spokesperson.
RAI launched its sale of the project, located in Imperial County, California, earlier this year, SparkSpread reported in June.
In May, RAI signed a 20-year power purchase agreement with San Diego Community Power beginning in 2023. Construction on the project is expected to begin in 2022, with Vikings set to go online in 2023.
Deal Milestone
Susah Secure Port Project led by the Guidry Group executes strategic agreement with Archirodon Construction