Arevon Closes $920 Million in Financing for its 1,200 Megawatt-Hour Nighthawk Energy Storage Project in California

Rhea-AI Summary

Arevon (NYSE:GS) closed a $920 million financing package for the 300 MW / 1,200 MWh Nighthawk Energy Storage Project in Poway, California, expected to enter service in 2026. The package comprises a $482 million debt facility, $169 million preferred equity and a $268 million tax credit transfer commitment.

Arevon will own and operate Nighthawk, which will provide long‑term resource adequacy to PG&E, is projected to power 385,000 homes for up to four hours, and is expected to deliver more than $30 million in property tax payments over its lifespan.

AI-generated analysis. Not financial advice.

Positive

• $920 million financing closed for 300 MW / 1,200 MWh Nighthawk
• $482 million debt facility arranged by CIBC and partners
• $169 million preferred equity to simplify tax credit monetization
• $268 million tax credit transfer commitment with corporate purchaser
• Long‑term resource adequacy agreement in place with PG&E
• Project expected to power 385,000 homes for up to four hours

Negative

• None.

News Market Reaction – GS

-1.21%

1 alert

-1.21% News Effect

On the day this news was published, GS declined 1.21%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Nighthawk financing size: $920 million Project power capacity: 300 MW Storage capacity: 1,200 MWh +5 more

8 metrics

Nighthawk financing size $920 million Financing package for Nighthawk Energy Storage Project

Project power capacity 300 MW Nighthawk Energy Storage Project rated power

Storage capacity 1,200 MWh Nighthawk Energy Storage Project energy storage

Debt facility $482 million Debt facility arranged by CIBC and partners

Preferred equity $169 million Preferred equity investment structured with Goldman Sachs Alternatives

Tax credit commitment $268 million Tax credit transfer commitment with a corporate purchaser

Recent financings total $5.1 billion Arevon project financings closed in the last two years

Homes served 385,000 homes Nighthawk expected peak-demand coverage capacity

Market Reality Check

Price: $968.96 Vol: Volume 1,856,500 is 0.7x ...

normal vol

$968.96 Last Close

Volume Volume 1,856,500 is 0.7x the 20-day average of 2,656,179, indicating subdued trading ahead of this news. normal

Technical Shares trade above the 200-day MA of 790.92, with price at 833.81, reflecting a sustained longer-term uptrend before this announcement.

Peers on Argus

GS was modestly higher (0.21%) while peers showed mixed moves: MS -0.67%, SCHW -...

GS was modestly higher (0.21%) while peers showed mixed moves: MS -0.67%, SCHW -1.30%, IBKR +1.21%, HOOD -2.09%, LPLA -1.61%. This points to a stock-specific response rather than a sector-wide move.

Historical Context

5 past events · Latest: Mar 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 09	Battery storage financing	Positive	+1.3%	GS-linked lenders financed a 150 MW / 300 MWh Texas storage project.
Mar 05	Consulting PE investment	Positive	-3.7%	Goldman Sachs Alternatives backed Mace Consult as a new standalone firm.
Mar 05	Series C growth funding	Positive	-3.7%	Goldman Sachs Alternatives led Sage’s $65M Series C for senior-care tech.
Mar 04	Real estate redevelopment	Positive	+0.5%	GS Urban Investment Group committed over $60M to Austin mixed-income housing.
Feb 26	BDC earnings & dividends	Negative	-7.5%	Goldman Sachs BDC reported Q4/FY2025 results with NAV decline and dividends.

Pattern Detected

Recent GS headlines have centered on financing and investment activities across infrastructure, energy storage, real estate, and growth equity. Market reactions have been mixed: several positive strategic financings saw aligned gains, while some growth-oriented deals coincided with notable declines. Earnings for Goldman Sachs BDC produced a sharp negative move, suggesting sensitivity to BDC financial metrics alongside generally constructive responses to selected project-finance announcements.

Recent Company History

Over the last few weeks, GS-related news has highlighted multiple capital deployment themes. A $120 million GridStor storage financing on Mar 09, 2026 and real estate investment with NRP in Austin both saw aligned positive price reactions. In contrast, growth transactions like the Mace Consult investment and Sage’s $65 million Series C on Mar 05, 2026 coincided with declines. Earlier, Goldman Sachs BDC’s Q4/FY2025 results and dividends on Feb 26, 2026 led to a larger negative move. Today’s Nighthawk storage financing continues the theme of GS capital supporting large-scale energy infrastructure.

Market Pulse Summary

This announcement highlights Goldman Sachs Alternatives’ continued deployment into large-scale energ...

Analysis

This announcement highlights Goldman Sachs Alternatives’ continued deployment into large-scale energy storage, adding the $920 million Nighthawk financing to a string of recent infrastructure and growth transactions. Historically, GS-related financings in storage, real estate, and private markets have produced mixed share-price responses. Investors may track how these commitments translate into future fee and investment income, while also monitoring upcoming earnings, additional capital markets activity, and any changes in insider trading patterns.

Key Terms

preferred equity, tax credit transfer commitment, lithium iron phosphate, resource adequacy capacity, +1 more

5 terms

preferred equity financial

"includes a $482 million debt facility ... and a $169 million preferred equity investment"

Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.

tax credit transfer commitment financial

"a $169 million preferred equity investment ... and a $268 million tax credit transfer commitment"

A tax credit transfer commitment is a binding promise in a contract where one party agrees to transfer existing or future tax credits to another party so the buyer can reduce its tax bill. For investors it matters because such commitments change a deal’s expected cash flow and value—similar to someone promising you a coupon to lower costs—and carry delivery and regulatory risk that can affect returns.

lithium iron phosphate technical

"The Nighthawk Energy Storage Project utilizes lithium iron phosphate battery technology"

A lithium iron phosphate (LFP) battery is a type of rechargeable lithium-ion battery that uses iron and phosphate in its positive electrode, offering a safer, longer‑lasting but lower energy‑density alternative to some other lithium chemistries. Investors watch LFP because it tends to cost less, resists fire and aging better, and relies on different raw materials and supply chains—factors that influence product pricing, manufacturing costs, and market adoption in electric vehicles and energy storage.

resource adequacy capacity technical

"Nighthawk will provide resource adequacy capacity to Pacific Gas and Electric Company"

Resource adequacy capacity is the amount of power supply — from power plants, batteries, demand reductions and other sources — that a grid operator expects it needs to reliably meet peak electricity demand plus a safety margin. Think of it like the spare seats a theater keeps available above expected ticket sales so a sold-out night doesn’t leave people without seats. For investors, changes in this capacity or the rules that value it affect utility revenues, capacity market prices, project viability and the need for new generation or storage investments.

offtake agreements financial

"Arevon also executed offtake agreements for its Cormorant Energy Storage Project"

An offtake agreement is a contract where a buyer agrees to purchase a set amount of a company's future production—such as minerals, energy, or manufactured goods—often before the product is made. For investors, these deals act like a guaranteed customer or advance order that reduces sales risk, helps secure project financing, and makes future revenue more predictable; think of it as a long-term subscription that stabilizes cash flow.

AI-generated analysis. Not financial advice.

The financing package includes a debt facility, preferred equity investment, and tax credit transfer commitment for Arevon's largest standalone energy storage project and contributes to the company's $5.1 billion in project financings closed in the last two years

SCOTTSDALE, Ariz. and POWAY, Calif., March 11, 2026 /PRNewswire/ -- Arevon Energy, Inc., a leading American energy developer, owner, and operator, today announced it has successfully closed a $920 million financing package for its 300 megawatt (MW)/1,200 megawatt-hour (MWh) Nighthawk Energy Storage Project, currently under construction in Poway, California.

The financing 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. Arevon was represented by Latham & Watkins and Sheppard. Norton Rose Fulbright and Allen Matkins served as Counsel to the lenders. Milbank LLP and Allen Matkins acted as Counsel to Goldman Sachs, and CG/CRC-IB served as Arevon's tax equity advisor.

"CIBC is thrilled to have supported Arevon as Left Lead Arranger, Administrative Agent, Coordinating Lead Arranger, and Bookrunner on a unique financing structure for the Nighthawk Energy Storage Project," said Emma Raine, Executive Director, Project Finance at CIBC. "Partnering with leading renewable energy platforms like Arevon underscores CIBC's ongoing commitment to the U.S. renewable energy sector, as we work toward enabling a more sustainable economy."

"We are pleased to support Arevon's Nighthawk Energy Storage Project through our Climate Credit strategy," said Vikas Agrawal, Managing Director, and Co-Head of Energy Transition Climate Credit at Goldman Sachs Alternatives. "This preferred equity investment reflects our commitment to providing flexible, tailored financing solutions that help accelerate the deployment of critical infrastructure. 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."

"Strategically aligning debt, preferred equity, and transferability structures is essential to financing energy storage projects at this scale and profile," said Denise Tait, Chief Investment Officer at Arevon. "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."

Arevon will own and operate Nighthawk Energy Storage, which, over its lifespan, is expected to deliver more than $30 million in property tax payments, supporting schools, infrastructure improvements, and public services. During peak construction, Nighthawk employed more than 130 workers and generated meaningful economic activity across the region, benefiting local restaurants, hotels, and retail businesses while strengthening the local economy. The project team worked closely with officials from the City of Poway, who have been instrumental in its success. When operational, which is expected this year, the project will be capable of powering 385,000 homes for up to four hours during peak demand periods.

The Nighthawk Energy Storage Project utilizes lithium iron phosphate battery technology designed to provide safe, efficient, and flexible storage capabilities. It will strengthen grid reliability in the San Diego region by storing electricity during periods of lower demand and dispatching energy during peak usage hours. Under a long-term agreement, Nighthawk will provide resource adequacy capacity to Pacific Gas and Electric Company (PG&E), supporting California's reliability and clean energy goals.

Arevon is a nationwide renewable energy developer and a leader in California with more than 3.7 gigawatts in operation, representing more than $5 billion in capital investments. 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 offtake agreements for its Cormorant Energy Storage Project and 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 600 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.

About Private Credit at Goldman Sachs Alternatives 
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $625 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.6 trillion in assets under supervision globally as of December 31, 2025.

Established in 1996, Private Credit at Goldman Sachs Alternatives is one of the world's largest private credit investors with over $180 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. The team's deep industry and product knowledge, extensive relationships and global footprint position the firm to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size.

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SOURCE Arevon

FAQ

What financing did Arevon announce for the Nighthawk project (GS) on March 11, 2026?

Arevon closed a $920 million financing package for Nighthawk, combining debt, preferred equity, and tax credit transfer. According to the company, the package includes a $482 million debt facility, $169 million preferred equity, and a $268 million tax credit transfer commitment.

How large is the Nighthawk Energy Storage Project (GS) and when will it be operational?

Nighthawk is a 300 MW / 1,200 MWh energy storage project expected to be operational in 2026. According to the company, construction is underway in Poway, California, with commercial operation anticipated later this year.

What are the economic and community benefits Arevon says Nighthawk (GS) will deliver?

Arevon expects Nighthawk to generate more than $30 million in property tax payments and peak construction jobs. According to the company, the project employed over 130 workers at peak construction and supported local businesses and services.

How will Nighthawk (GS) support California grid reliability and customers?

Nighthawk will provide long‑term resource adequacy capacity to PG&E to support peak demand. According to the company, it will store energy during low demand and dispatch during peaks, helping reliability and clean energy goals in the San Diego region.

What financing partners participated in Arevon's Nighthawk (GS) transaction?

The financing was arranged by CIBC with ING, NORD/LB, Santander, and Zions, with preferred equity from Goldman Sachs. According to the company, lenders and advisors included CIBC, Goldman Sachs Alternatives, and multiple legal and tax advisors.