Arevon initiates construction of 250MW Cormorant storage project. Scheduled for operation in 2027, the project will power approximately 321,000 homes for four hours. Arevon Energy has begun construction of the Cormorant Energy Storage Project in Daly City, California, US, a $600m facility that will offer storage capacity of 250MW/1,000 megawatt-hours (MWh). Scheduled to become operational in 2027, it is expected to power around 321,000 homes for up to four hours, enhancing grid reliability by providing stored electricity during peak demand periods. The energy storage system, owned and operated by Arevon, is under a long-term offtake agreement with MCE, which provides electricity to more than 1.8 million residents and businesses across several counties including Contra Costa, Napa, Marin and Solano. Initially planned at a lower capacity of 188MW/752MWh, the project has been expanded to its current capacity, with the additional supply also secured under an agreement with MCE. The Cormorant project will use lithium iron phosphate batteries to provide safe, efficient energy storage. Primoris Services Corporation's Renewables group will serve as the engineering, procurement and construction contractor. The project will hire around 175 workers at its peak construction phase. The local economy is expected to benefit from increased activity as nearby businesses such as hotels and restaurants see a rise in patronage. Over its operational life, the Cormorant facility is projected to generate more than $73m in property tax revenue. Arevon CEO Justin Johnson said: "The start of construction marks an important milestone for the Cormorant project and the Daly City community. "Projects like Cormorant are critical to strengthening California's energy grid by storing power when it is abundant and delivering it when it is needed most. "Arevon is proud to continue investing in infrastructure that supports reliability, affordability and California's long-term clean energy goals." Arevon's sustained investment in Daly City and the Bayshore community includes partnerships with more than a dozen local and regional organisations through various forms of support. It operates as a national renewable energy developer and is a prominent figure in California, with more than 3.7GW of capacity currently in operation and in excess of $5bn in capital investment, alongside 550MW under construction. Arevon chief development officer Shanelle Montana said: "The Cormorant project demonstrates the importance of working closely with local leaders and community members as Power Technology develop projects that will operate for decades. "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." Earlier this month, Arevon secured $920m in financing for its Nighthawk Energy Storage Project, a 300MW/1.2 gigawatt-hour facility being built in Poway, California.

Arevon begins construction on $600 million Cormorant Energy Storage Project in California. Mar 24, 2026, 08:00 ET Cormorant advances local economic investment through jobs, tax revenue, and community partnerships, reinforcing Arevon's position as a leading battery storage developer in the state DALY CITY, Calif. and SCOTTSDALE, Ariz., March 24, 2026 /PRNewswire/ - Arevon Energy, Inc., a leading American energy developer, owner, and operator, today announced the start of construction on its 250 megawatt (MW)/1,000 megawatt-hour (MWh) Cormorant Energy Storage Project in Daly City, California. Once operational in 2027, the $600 million facility will be capable of powering approximately 321,000 homes for up to four hours, strengthening grid reliability by delivering stored electricity during periods of peak demand. Arevon will own and operate Cormorant Energy Storage, 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 and has since expanded to 250 MW/1,000 MWh, with the additional capacity also contracted under a long-term offtake agreement with MCE. The Cormorant Energy Storage Project will use lithium iron phosphate (LFP) battery technology, designed to provide safe, efficient, and flexible storage capabilities. Primoris Services Corporation's Renewables group is the engineering, procurement, and construction contractor, and at peak construction, the project is expected to employ approximately 175 workers. Construction activity will also support the local economy, with hotels, restaurants, stores, and other businesses benefiting from the increased activity in the area. Over its lifetime, Cormorant is expected to generate more than $73 million in property tax revenue that will help fund schools, infrastructure improvements, and public services. "The start of construction marks an important milestone for the Cormorant project and the Daly City community," said Justin Johnson, Chief Executive Officer at Arevon. "Projects like Cormorant are critical to strengthening California's energy grid by storing power when it's abundant and delivering it when it's needed most. Arevon is proud to continue investing in infrastructure that supports reliability, affordability, and California's long-term clean energy goals." Arevon has made sustained investments in Daly City and the greater Bayshore community throughout the development of the Cormorant project, demonstrating a long-term commitment to local well-being, equity, and opportunity. The company has partnered with more than a dozen local and regional organizations through donations, sponsorships, scholarships, memberships, and volunteering efforts, including: * Daly City Partnership (DCP) * Pilipino Bayanihan Resource Center (PBRC) * Filipino American Arts Exposition * Pacific Islanders Together (PIT) * Jefferson Union High School District * KAPWA Kultural Center * Daly City Colma Chamber of Commerce * Cow Palace * City of Daly City - Department of Recreation Services * John's Closet * Bayshore Community Center * Bayshore Senior Citizen Friendship Club * San Mateo AAPI Alliance "The Cormorant project demonstrates the importance of working closely with local leaders and community members as we develop projects that will operate for decades," said Shanelle Montana, Chief Development Officer at Arevon. "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." Arevon is a nationwide renewable energy developer and a leader in California with more than 3.7 gigawatts in operation, representing over $5 billion in capital investment, and 550 MW currently under construction. The company has issued other announcements celebrating achievements at several of its other California projects, including the start of operations at its Peregrine Energy Storage Project, its Eland 1 Solar-plus-Storage Project, its Vikings Solar-plus-Storage Project, and its Condor Energy Storage Project. Arevon also executed an offtake agreement for its Avocet Energy Storage Project. Condor Energy Storage received Proximo's North America Storage Deal of the Year Award, and Vikings Solar-plus-Storage was the recipient of IJGlobal's Renewables Deal of the Year - Energy Storage Award and Proximo's North America Solar Deal of the Year Award. About Arevon Arevon is a U.S. energy leader committed to powering America with affordable, reliable, and secure homegrown energy. Headquartered in Scottsdale, Arizona, and with a regional office in New York City, the company's experienced and dedicated team develops, finances, builds, owns, and operates renewable energy projects nationwide. With a strong track record in utility-scale solar and energy storage, Arevon is a trusted partner to utilities and businesses seeking cost-effective, sustainable energy solutions. By prioritizing American manufacturing and domestic energy production, the company invests in U.S. jobs, strengthens local economies, and advances the country's energy independence. Arevon owns and operates more than 6 gigawatts (GW) of solar and energy storage projects across 18 states, representing more than $11 billion in capital investment, and is currently constructing more than 670 megawatts (MW) of new capacity. The company also partnered with local utilities to develop and build 480 MW of solar energy, ensuring each project was successfully integrated into their communities. In the last two years, Arevon has completed $5.1 billion in project financings and closed on a $600 million corporate revolver to fund continued company growth. With a 7 GW development portfolio and continued investment in new projects, Arevon is solidifying its role as a leader in powering an American energy future. For more information, visit arevonenergy.com. SOURCE Arevon

Arevon secures $920 million for new California Energy Storage Project. Renewable energy developer Arevon Energy announced that it has secured $920 million in financing for its large-scale battery facility in California, Nighthawk Energy Storage Project The new project, currently under construction in Poway, California, and expected to become operational this year. According to Arevon, with a capacity of 300 MW, the facility will be capable of powering 385,000 homes for up to four hours during peak demand periods. The company added that the new project will strengthen grid reliability in the San Diego region by storing electricity during periods of lower demand and dispatching energy during peak usage hours, with a long-term agreement in place to provide resource adequacy capacity to Pacific Gas and Electric Company (PG&E). Denise Tait, Chief Investment Officer at Arevon, said: "This transaction demonstrates how innovative capital solutions can unlock long-term investment in critical grid infrastructure, even amid evolving market and policy conditions. It reflects the strength of our financial partnerships and Arevon's commitment to delivering durable, long-term value." The funding package includes a $482 million debt facility arranged by CIBC as Left Lead Arranger, alongside ING Capital LLC, NORD/LB, Santander, and Zions Bancorporation; a $169 million preferred equity investment structured to simplify the monetization of tax credits with Goldman Sachs Alternatives; and a $268 million tax credit transfer commitment with a corporate purchaser. Vikas Agrawal, Managing Director, and Co-Head of Energy Transition Climate Credit at Goldman Sachs Alternative said: "Energy storage is essential to grid reliability and the energy transition. Goldman Sach's long history financing Arevon and Arevon's track record as a leading developer and operator makes them an ideal partner. The Nighthawk project exemplifies the type of large-scale, high-impact investment opportunity that our strategy was designed to support, and we look forward to continuing to deploy capital and offering bespoke financing solutions that deliver both strong risk-adjusted returns and meaningful environmental benefits." Arevon owns and operates more than 6 gigawatts (GW) of solar and energy storage projects across 18 U.S. states, representing more than $11 billion in capital investment, and is currently constructing more than 600 megawatts (MW) of additional projects.