Santander joins $482m debt package for 300MW California battery project
Banco Santander joined a $482m debt facility for Arevon Energy’s $920m Nighthawk project, a 300MW/1.2GWh battery storage system in Poway, California. The facility will provide PG&E with capacity to power 385,000 homes for four hours using lithium iron phosphate technology under a long-term contract.
1. Debt Facility Composition
Banco Santander participated in a $482m debt facility for the Nighthawk project, with CIBC as left lead arranger and ING Capital, NORD/LB and Zions Bancorporation as co-lenders.
2. Project Overview and Operations
The 300MW/1.2GWh battery system in Poway, California, will supply resource adequacy capacity to PG&E under a long-term contract, powering up to 385,000 homes for four hours during peak demand using lithium iron phosphate technology.
3. Strategic and Sustainability Impact
The financing deal bolsters Santander’s renewable infrastructure lending credentials and aligns with California’s clean energy goals, while the project is projected to generate over $30m in local property taxes and support grid reliability.