It’s been an interesting week in the energy space, to say the least. We’re seeing the ripple effects of the Trump administration issuing a stop-work order on Revolution Wind offshore Rhode Island; Energy Secretary Chris Wright went viral for a misleading post about solar energy; power prices continue to skyrocket nationwide.
Many of you reading this would probably prefer a little less of that sort of excitement, so how about some good news? Consider the coalition coming together to combat those aforementioned increasing electricity costs, a new power grid manufacturer debuting in the market with a quarter of a billion dollars in contracted orders, and AES deploying the first-ever fleet of solar construction robots. (Hello, Maximo, if you or your AI descendants are reading this!)
Not to mention, so many project developments and finance deals that you guys are making me write two of these roundups for the first time ever. Head here to check out the first batch, and start scrolling if you’re thirsty for more. If you’re headed to RE+ next week, look for me on Tuesday and Wednesday. Mike Casey and I will be taping the next episode of This Week in Cleantech on the PowerUp Live stage!
Arevon Closes on $250 Million for Kelso Solar
Do-it-all renewable developer Arevon Energy has secured a $250 million tax equity commitment from Wells Fargo Bank for Arevon’s two-phase 430 megawatt (MWdc) Kelso Solar Project in Scott County, Missouri.
The $500 million endeavor, Arevon’s first utility-scale renewable energy project in the state, is currently under construction, providing employment for upwards of 450 workers. Throughout its lifetime, it’s estimated that Kelso Solar will disburse more than $34 million to local governments, supporting schools, infrastructure, and first responders.
Arevon will own and operate the project on a long-term basis, with the first phase anticipated to achieve commercial operations by the end of 2025, and the second phase estimated to start operations in the first quarter of 2026. Kelso Solar has executed two long-term Environmental Attributes Purchase Agreements (EAPA) with hyperscaler Meta.
“This substantial tax equity raise — among the largest in Arevon’s history — demonstrates Arevon’s strong financial stewardship and our successful track record in executing transactions that fuel the company’s continued growth,” observed Denise Tait, Chief Investment Officer at Arevon.
Wells Fargo served as the Tax Equity Investor for the tax equity transaction. Sponsor Counsel was provided by Amis, Patel & Brewer; Sponsor Tax Counsel by Stoel Rives; Tax Equity Counsel by Sheppard Mullin; Sponsor Local Counsel by Husch Blackwell; and Tax Equity Local Counsel by BCLP. The transaction brings Arevon’s aggregate solar and energy storage project financings to $4.5 billion executed within the last two years.
Once operational, Kelso Solar will boost Missouri’s installed solar capacity by nearly 50%.
Encore powers up first energy storage system at Vermont’s Middlebury College
Encore Renewable Energy is celebrating the energization of its first storage project, which will provide demand mitigation services and cost savings to Green Mountain Power (GMP) and its customers.
South Street Storage, a 2 megawatt (MW), 8 megawatt-hour (MWh) utility-scale battery energy storage system (BESS), is located next to the South Street Solar project in Middlebury, Vermont. The lithium-ion battery systems were provided by KORE Power, a domestic manufacturer of BESS, which built the units installed by Encore at its Waterbury, VT facility. KORE’s operations team will also be coordinating with Encore to monitor the system’s performance.
“The South Street Storage project is a model of well-orchestrated grid modernization that is made possible when a developer, a manufacturer, and a utility share the vision of delivering safe, reliable, clean power to customers,” noted Jay Bellows, CEO of KORE Power.
“The past few years of intense storms and record heat have demonstrated the importance of a dependable electric grid, and we need more energy storage for that,” stated Encore founder and co-CEO Chad Farrell. “Thankfully, there are leading utilities like Green Mountain Power, [which] have long understood the value of locally sited energy storage for keeping our electricity supply clean and affordable.”
The South Street BESS adds to GMP’s growing network of stored energy, now pushing 75 MW, making it Vermont’s largest source of dispatchable power.
“When Vermont organizations work together, great things happen for communities and customers. This project will help deliver lower power costs during expensive peaks, by sending stored clean Vermont energy back to the grid when it’s needed most,” said Mari McClure, GMP’s President and CEO.
LS Energy Solutions Brings CAISO Storage Site Online
Grid-connected energy storage company LS Energy Solutions has commenced commercial operations at the Big Rock energy storage site in Imperial County, California. The 200 MW/400 MWh project, developed and operated in partnership with Gore Street Energy Storage Fund, is now providing resource adequacy (RA) and ancillary services for the California Independent System Operator (CAISO) electrical grid.
The Big Rock site (pictured at the top of this article) includes 137 LS-ES AiON-ESS containers storing energy for two-hour durations. LS-ES and GSF currently operate the site at 100 MW of deliverability to supply 400 MWh to CAISO and meet the four-hour discharge stipulation of a 12-year RA contract. In addition to supplying AiON-ESS containers, LS-ES is also supporting the site with operational services that include preventative and capacity maintenance, an extended warranty, and system remote monitoring for the life of the project.
“We are thrilled to see the Big Rock site in full commercial operation and providing storage services for CAISO,” said Curt Feldman, Vice President at LS Energy Solutions. “As California’s grid faces challenges from data center growth, wildfires, and the need to meet carbon reduction goals, utility-scale storage like Big Rock is more critical than ever.”
GSF acquired the Big Rock site in February 2023 from clean energy developer Avantus, marking the developer’s first project for CAISO. Big Rock joins other energy storage investments by GSF in Texas, Ireland, Great Britain, and Germany, with a total operational portfolio of 753.4 MW/924.1 MWh of energy storage assets.
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Puget Sound Energy breaks ground on new utility-scale solar project in Washington
Puget Sound Energy (PSE) has started phased construction on its utility-scale solar facility known as the Appaloosa Solar Project in southeastern Washington. It will be partially co-located within the existing PSE Lower Snake River Wind Facility footprint in Garfield County, and will be capable of generating 142 MW of clean energy, enough to power more than 30,000 homes. The project will leverage existing transmission rights and infrastructure to minimize local impacts and project costs.
Appaloosa Solar will contribute 4% towards PSE’s 2030 clean energy targets, help meet peak demand during the summer, and create employment opportunities for approximately 300 workers during construction.
“We’re excited to see construction underway to bring clean, reliable utility-scale solar energy to our customers, especially during peak summer months when cooling demand is high,” stated Ron Roberts, PSE Senior Vice President of Energy Resources.
Appaloosa Solar will be constructed by Qcells EPC, which will serve as the module manufacturer and engineering, procurement, and construction (EPC) solution provider. Construction will continue through 2026 with a commercial operation date expected at the end of next year.
Swift Current Energy Scores Financing for Biggest BESS in PJM
On Thursday, Swift Current Energy announced that it has secured $242 million in project financing for its 150 MW / 600 MWh Prospect Power Storage facility in Rockingham County, Virginia, which is currently under construction and is expected to reach commercial operation in 2026. Prospect Power will be the largest battery energy storage facility in Virginia and the PJM service area.
Prospect Power represents a substantial private investment in Rockingham County and will support local grid reliability, as Dominion Energy is set to add a record amount of new power projects in response to growing customer demand. Over the life of the project, Prospect Power is expected to contribute millions of dollars in additional tax revenue to the local community.
“Prospect Power will strengthen the local electric grid. We thank the banks we have worked with for years, as well as Dominion Energy and the local Rockingham County community, for trusting us to bring this project to completion,” said Eric Lammers, CEO and co-founder of Swift Current Energy.,
In 2023, Swift Current acquired Prospect Power from Clean Planet Renewable Energy, a joint venture between Open Road Renewable Energy and Eolian.
“Development of the grid-strength Prospect Power battery energy storage site began in 2018 to deploy fast-responding and flexible capacity to support increasing load growth in the region,” recalled CEO of Eolian, Aaron Zubaty. “This facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance by efficiently using the existing transmission lines to open up capacity on the grid for all types of power generation.”
Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis acted as Joint Coordinating Lead Arrangers. Prospect Power, located on private land, holds a 15-year power purchase agreement with Dominion Energy Virginia. Morgan Lewis served as the legal counsel for Swift Current. Paul Hastings was the legal counsel for the lenders.