Revolution is here.
So is Coastal Virginia Offshore Wind. South Fork and Block Island have been spinning for a minute now. Vineyard Wind just completed its final turbine installation; soon, it will join a growing cadre of offshore wind farms sending electrons to the U.S. grid. Empire Wind and Sunrise Wind, their brethren set back by a Trump administration stop-work order, are right behind.
We’re not going to get to 30 gigawatts (GW) by 2030, as former Energy Secretary Jennifer Granholm intended, but the more of these mega projects that come online, the better. They create jobs, generate tax revenue, and bolster clean energy portfolios for states with ambitious carbon reduction goals. They’ll add capacity to strained grids, keep downward pressure on climbing electricity rates, and, perhaps most importantly, prove that offshore wind can survive in America, inviting further infrastructure investment that hopefully doesn’t have to jump over as many barrels in pursuit of Donkey Kong and the princess.
Despite his best efforts, including offering $1 billion in taxpayer funds to a French company to abandon its offshore lease areas and invest in oil and gas infrastructure, President Trump has been unable to stop clean energy progress in the waters off the East Coast. He certainly made it more expensive- at least $365 million was added to Dominion’s final tab thanks to tariffs and the stop-work order- but not impossible. The courts are clearly in favor of those who want to bring these spinning pipe dreams to life.
“The law takes precedent over the political whims of one man, and we will continue to fight to make sure that remains the case,” Rhode Island Attorney General Peter Neronha said in a statement.
Cheers to that. And cheers to you, Reader of this Column, for making it through another week. Your reward: exactly what you came here for, another curated collection of project development updates and financings. When you slip into your Saturday, may your slippers stay comfy and your coffee remain the perfect temperature. Be good, and we’ll see you around these parts in due time.
Arevon Starts Construction on California Battery Project
Arevon Energy (developer, owner, operator, and frequent contributor to this weekly roundup) has started construction on its 250 megawatt (MW)/1,000 megawatt-hour (MWh) Cormorant Energy Storage Project in Daly City, California. Once operational next year, the $600 million facility will be capable of powering approximately 321,000 homes for up to 4 hours.
Arevon will own and operate Cormorant, which is under a long-term offtake agreement with MCE, an electricity provider that serves more than 1.8 million residents and businesses across Contra Costa, Marin, Napa, and Solano counties. The project was originally planned at 188 MW/752 MWh, but has since grown to 250 MW/1,000 MWh, with the additional capacity also contracted under a long-term offtake agreement with MCE.
Primoris Services Corporation’s Renewables group is the engineering, procurement, and construction (EPC) contractor of Cormorant, which will use lithium iron phosphate (LFP) battery technology, designed to provide safe, efficient, and flexible storage capabilities. At peak construction, the project is expected to employ approximately 175 workers, and the facility will generate more than $73 million in property tax revenue that will help fund schools, infrastructure improvements, and public services.
“Projects Cormorant are critical to strengthening California’s energy grid by storing power when it’s abundant and delivering it when it’s needed most,” posited Justin Johnson, newly promoted chief executive officer at Arevon.
“The Cormorant project demonstrates the importance of working closely with local leaders and community members as we develop projects that will operate for decades,” added Shanelle Montana, Arevon’s chief development officer. “Community engagement is not simply a box to check — it is a commitment to being present, authentic, and aligned with the people who will live alongside our projects. Arevon looks forward to continuing its partnership with the community throughout Cormorant’s construction and long-term operations.”
More news from Arevon
New Arevon CEO Justin Johnson talks project timelines, FEOC concerns, and big batteries
New Arevon CEO Justin Johnson discusses project financing and construction timelines, dishes on shifting federal guidance, and s major upcoming miletones in an interview with Factor This.
8 min read
BatteryNewsUtility ScaleRenewables
Arevon fires up the first solar + storage peaker plant in the U.S.
Offtaker San Diego Community Power will use the Vikings project to shift low-cost daytime solar energy to higher-cost peak demand periods.
4 min read
BatteryBusinessEnergy StorageFinanceNewsProject DevelopmentSolarUtility ScaleRenewables
Factor This finance and project development roundup: ArcLight, Arevon, Aypa Power, Octopus, Sol Systems
ArcLight acquires stake in 5.4 GW of power projects, Arevon closes on $920M in financing, Aypa Power secures funding for Ontario energy storage, Octopus Australia breaks ground on a $900M project, and Sol Systems s two solar milestones.
10 min read
BusinessEnergy StorageFinanceNewsProject DevelopmentReliability and ResilienceRenewables
BrightNight Closes Upsized Corporate Credit Facility
Do-it-all power project developer BrightNight has announced the successful first closing of its upsized corporate credit facility. The facility provides a maximum total commitment of up to $850 million, including up to $550 million for letters of credit, up to $200 million for equipment deposits and limited-notice-to-proceed facilities, and $100 million in revolving credit capacity.
BrightNight says the upsized facility provides significant incremental capital to support its accelerating growth strategy. Proceeds are being used to support credit obligations and capital requirements across the company’s growing development and construction portfolio, now exceeding 30 GW. The expanded corporate facility also provides the financial capacity to accelerate BrightNight’s Western U.S. pipeline, particularly in Arizona, Oregon, and Washington. With increased liquidity and credit support, the company is positioned to move a larger volume of projects through key development milestones, including grid interconnection, regulatory approvals, long-lead equipment commitments, and early-stage construction readiness in these priority markets.
“The upsizing of the Corporate Facility meaningfully expands our access to flexible, cost-effective capital,” explained Jatin Gupta, chief investment officer of BrightNight. “The facility provides critical credit support capacity for new PPAs and LGIAs while also supporting equipment deposits and pre-construction activities. It enables us to accelerate development across our western portfolio and optimize capital deployment across high-priority markets. We are pleased to welcome new lending partners and deeply value the continued support of our existing lenders as we scale our platform.”
The first closing includes participation from both existing and new lenders. ING Capital LLC, First Citizens Bank, HSBC, Natixis Corporate & Investment Banking, and ICBC Standard Bank are serving as Coordinating Lead Arrangers. BHI (Bank Hapoalim) is acting as Joint Lead Arranger, and East West Bank is participating in the facility.
BrightNight expects to complete a second closing of the corporate facility in the second quarter as additional interested lenders complete their due diligence process.
Brooklyn SolarWorks Installs NYC’s First Residential BESS
They say that if you can make it in New York City, you can make it anywhere. “It” now includes residential battery energy storage systems (BESS).
Brooklyn SolarWorks d a major milestone this week, successfully installing the Big Apple’s first residential BESS within city limits. Located in Chinatown, the landmark project pairs a 19.6-kilowatt-hour battery system with a solar canopy.
The Briggs & Stratton AccESS energy storage system, the only such system permitted for installation on New York City rooftops, was installed as a complementary feature on an existing solar canopy – Brooklyn SolarWorks’ patented design that maximizes solar production in urban settings.
New York City’s notoriously restrictive permitting guidelines for residential BESS systems have held back residential energy storage in a place that could really use it. The Brooklyn SolarWorks pioneer project came online after a nearly eight-year effort alongside Briggs & Stratton to not only navigate the city’s complex regulatory hurdles but also help develop NYC’s permitting framework for the siting and installation of residential energy storage.
“We’ve spent years working with the Fire Department of New York (FDNY) and New York City government agencies to enable residential battery storage for New Yorkers,” recalled Sequoya Cross, vice president of energy storage for Briggs & Stratton Energy Solutions. “Our AccESS system is the only residential ESS to receive a Certificate of Approval (COA) from the Fire Department of New York (FDNY). The COA is significant since New York has some of the most stringent fire safety rules for energy storage systems anywhere in the world. Since they produce very little heat and have a reduced risk of thermal runaway, our batteries don’t require additional fire suppression systems or cooling or ventilation measures.”
“This installation is a testament to our commitment to bringing innovative, clean energy solutions to New York City,” added Brooklyn SolarWorks founder and CEO, T.R. Ludwig. “Our team led the charge on rooftop solar in this city a decade ago, and now we have the opportunity to lay the groundwork for BESS infrastructure, which the city will need as energy demand continues to rise. We are incredibly proud to have made this groundbreaking project a reality.”
Doral Locks Up Nearly $900M for Texas Solar + Storage
Utility-scale solar and battery storage developer and independent power producer Doral Renewables has closed on financing for its Cold Creek Solar + Storage project in Schleicher and Tom Green Counties, Texas.
The 430 MWac solar generation + 340 MWh storage project marks Doral’s second-largest venture to reach construction financing, behind the 1.3 GW Mammoth Solar complex in northwest Indiana. Full construction has now begun with Notice to Proceed (“NTP”) issued this month; commercial operation is expected in the summer of 2028.
MUFG acted as Lead Arranger for the transaction, with Santander, HSBC, Ally, and IDB rounding out the syndicate of debt providers. The debt facilities comprise over $400 million in construction-to-term financing, close to $35 million in tax equity bridge loan financing, and approximately $55 million in Letters of Credit. The project will also monetize $360 million of Production Tax Credits through a 10-year PTC Tax Credit Transfer Agreement with an investment-grade-rated corporate buyer.
“This project will be a cornerstone for our future work across the Lone Star State,” predicted Evan Speece, chief financial officer at Doral Renewables. “Partnering with such a robust lender group led by MUFG and expanding our network with new collaborators while also closing the PTC Transfer transaction positions us well for continued growth.”
McDermott Will & Schulte served as legal counsel to Doral with respect to both the construction financing and the PTC Transfer, while Norton Rose Fulbright acted as counsel to the lenders. Marathon Capital served as financial advisor to Doral in connection with the PTC transfer, while White & Case served as counsel to the PTC buyer, with Stonehenge Capital providing syndication and asset management services to the PTC buyer.
Doral’s solar and storage development portfolio now comprises nearly 18 GW, including nearly 450 MW currently in operation and close to 1,500 MW under construction.
More News from Doral Renewables
Factor This finance and development roundup: Arevon, Base Power, Doral, Nexamp, Nightpeak, Ninedot
Arevon starts up solar in Indiana, Base Power raises $1B, Doral finds an offtaker, Nexamp lands a CWF, Nightpeak’s new battery, and Ninedot’s fresh funding facility.
10 min read
DTECHBusinessEnergy StorageFinanceNewsProject DevelopmentSolarDTECH Data Centers and AIDTECH MidwestDTECHNEReliability and ResilienceRenewables
Mastodon skulls, homemade beer, and the largest solar project in America: A Mammoth update
Mammoth Solar, the largest solar project in America, expects to generate sellable power from the Indiana site by mid-year.
6 min read
NewsSolarUtility ScaleRenewables
Harvesting sunlight: Agrivoltaics is winning over middle America
On this episode of the Factor This podcast, host Paul Gerke is joined by three foremost agrivoltaics experts to discuss dual-use practices.
3 min read
CommunityFactor ThisNewsPodcastsSolaragrivoltaicsDTECH MidwestRenewables
Hull Street Acquiring PJM Peaker Plants
Private equity firm Hull Street Energy has agreed to acquire two power plants from Rockland Capital: the Lee County Generating Station, a 677-MW natural gas turbine facility in Illinois, and the Tait Electric Generating Station, a 586-MW dual-fuel facility in Ohio.
The Lee and Tait plants are strategically located to provide capacity and operational flexibility in the constrained PJM electricity market, where tightening supply-demand dynamics are increasing the need for reliable, fast-start resources that support grid stability.
The transaction is expected to close later this year, subject to regulatory approvals. Once the acquisition is finalized, HSE will own nearly 5,000 MW of highly efficient, reliable gas-fired and dual-fueled generation capacity operating within the Milepost Power fleet, making it one of the nation’s largest, privately held power producers.
Troutman Pepper Locke acted as legal counsel to HSE. PEI Global Partners, LLC, and Houlihan Lokey acted as financial advisors, and Bracewell acted as legal counsel to Rockland.
Sumber Artikel:
Renewableenergyworld.com
