Arevon Energy, a renewable energy developer, owner, and operator, has closed a $920 million financing package for its 300 MW/1,200 MWh Nighthawk energy storage project in Poway, California.
The financing package comprises a $482 million debt facility arranged by CIBC as the lead arranger, alongside ING Capital, NORD/LB, Santander, and Zions Bancorporation, a $169 million preferred equity investment with Goldman Sachs Alternative, and a $268 million tax credit transfer commitment with a corporate purchaser.
Latham & Watkins and Sheppard represented Arevon on the deal, while Norton Rose Fulbright and Allen Matkins served as the lender’s counsel. Milbank and Allen Matkins acted as counsel to Goldman Sachs, and CG/CRC-IB acted as Arevon’s tax equity advisor.
The project, currently under construction and expected to be operational by 2026, uses lithium iron phosphate battery technology. It is supported by a long-term agreement to deliver resource adequacy capacity to Pacific Gas and Electric Company.
“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 renewable energy platforms like Arevon underscores CIBC’s ongoing commitment to the U.S. renewable energy sector, as we work toward enabling a more sustainable economy.”
In July 2025, the company raised a $600 million credit financing facility, with the option to increase it up to $850 million. The company also secured a $183 million total debt package in 2026, which includes a tax equity bridge loan, construction-to-term loan, and a letter of credit, for its 124 MWdc Big Muddy Solar Project in Jackson County, Illinois.
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, with a 71% increase YoY.
