Arevon Energy, together with Blackstone Credit & Insurance (BXCI), has announced a successful financial close for the 200-megawatt/800-megawatt-hour Condor Energy Storage Project currently under construction in Grand Terrace, Calif.
The project is anticipated to start operations in second quarter 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 alongside increased adoption of renewable-energy resources.
Condor features Megapack 2 XL, Tesla’s utility-scale battery system. Tesla has been contracted to provide operations and maintenance services for the project. Rosendin Electric is the project’s engineering, procurement and construction contractor. Arevon will own and operate the project on a long-term basis.
Blackstone’s preferred equity investment in Condor is structured to simplify the monetization of tax credits, elimin