Arizona Energy Leader Arevon Secures $920M

A Scottsdale-based energy leader is making another major move in the renewable infrastructure space. Arevon Energy has successfully closed $ 920 million in financing for the Nighthawk Energy Storage Project,a large-scale battery facility currently under construction in Poway, California.

The project will deliver 300 megawatts ( MW ) of capacity and 1,200 megawatt-hours ( MWh ) of storage , making it one of the largest standalone energy storage projects in the United States.

A Complex Capital Stack The financing package combines multiple capital sources, reflecting the growing sophistication of infrastructure finance in the clean energy sector. The deal includes: $ 482M debt facility arranged by CIBC with participation from ING Capital, NORD/LB, Santander, and Zions Bancorporation $ 169M preferred equity investment from Goldman Sachs Alternatives $ 268M tax credit transfer commitment with a corporate buyer This structure allows developers like Arevon to efficiently monetize federal clean energy tax incentives while maintaining long-term ownership of the asset.

Strengthening Grid Reliability Once operational later this year, the Nighthawk facility will be capable of powering roughly 385,000 homes for up to four hours during peak demand .

The project uses lithium iron phosphate battery technology , designed to safely store electricity when demand is low and release it when energy usage spikes. Under a long-term agreement, the facility will provide resource adequacy capacity to Pacific Gas and Electric Company, supporting grid reliability across the San Diego region. Energy storage systems like Nighthawk are increasingly critical as renewable energy generation grows. They help stabilize grids by balancing supply and demand, particularly as solar and wind production fluctuate throughout the day.

Economic Impact Beyond grid reliability, the project is expected to generate over $ 30 million in property tax revenue during its lifespan.

At peak construction, the development employed more than 130 workers , while also creating economic activity for local businesses across the Poway area.

A Growing Energy Platform The Nighthawk financing adds to Arevon’s rapidly expanding renewable energy portfolio.

The company currently owns and operates more than 6 gigawatts of solar and energy storage projects across 18 states , representing over $ 11 billion in capital investment . Over the past two years alone, the firm has completed $ 5.1 billion in project financings , positioning itself as a major player in the next generation of American energy infrastructure.

For Arizona’s growing innovation ecosystem, Arevon’s continued expansion highlights another dimension of the state’s emerging technology landscape—clean energy infrastructure and advanced grid technologies . As Silicon Oasis continues spotlighting companies shaping the future of technology and infrastructure, energy leaders like Arevon represent an increasingly important piece of the ecosystem.

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