Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, together with Blackstone Credit & Insurance (BXCI), has announced a successful financial close for the 200 MW /800 MWh Condor Energy Storage Project (Condor) currently under construction in Grand Terrace, California.
Reportedly, the project is anticipated to start operations in the second quarter of 2024 and is contracted under a 15-year agreement with Southern California Edison. The project will be capable of providing firming capacity, enhancing grid reliability and stability, and increasing the adoption of renewable energy resources.
Condor features Megapack 2 XL, Tesla’s utility-scale battery system. Tesla has been contracted to provide operation and maintenance services for the project. Rosendin Electric, Inc. is the project’s engineering, procurement, and construction (EPC) contractor. Arevon will own and operate the project on a long-term basis.
Arevon owns and operates more than 3,500 MW of solar, storage, and solar+ storage hybrid assets across the country. The company is a renewable energy leader in California with more than 1,900 MW in operation and more than 1,000 MW under construction.
REGlobal’s Views: The US energy storage market has received a big boost in the recent months owing to the increasing requirement of grid stability services as the country integrates more and more renewables into the grid. There have been a series of storage projects announcements from the US especially in the renewable energy rich states of California and Texas.
