OXNARD, Calif., June 29, 2021 /PRNewswire/ -- Arevon Asset Management (Arevon), a leading renewable energy company, is celebrating the opening of the Saticoy battery energy storage system. One of the largest grid-scale battery energy storage sites in the United States, the zero-emission plant helps reduce grid outages and delivers power during peak demand times without harmful air, water or noise pollution.
The decision to build the Saticoy battery came after local residents and community leaders helped stop plans for a proposed gas peaker plant, which was to be located near the beach. Following county approvals, Arevon completed the project in just nine months. Arevon partnered with subcontractors to leverage innovative construction techniques cutting installation time, construction costs, and environmental impact as they installed the Tesla Megapacks. Energy stored on the site can power Oxnard for four hours or all of Ventura County for thirty minutes.
"On hot days when the grid is struggling to keep up, the Saticoy battery storage facility will help keep the lights on and air conditioners running with on-demand, local electricity," said John Breckenridge, head of Clean Energy Infrastructure at Capital Dynamics. "We're proud to have worked with Arevon, our asset management affiliate; Strata Clean Energy; the county; and local utility Southern California Edison to improve grid reliability."
The electricity from the site is supplied to Southern California Edison (SCE) under the terms of a 20-year purchase and sale agreement. The project was initially conceived of and developed by Strata Clean Energy.
In addition to the grid stabilization and environmental benefits, the project has provided nearly $2.5 million in new sales taxes and is estimated to provide more than $11 million in property tax payments to Ventura County over 35 years. Bolstering local job growth, a project labor agreement was signed with the Tri-Counties Building and Construction Trades Council.
"Saying no to a gas peaker plant and yes to battery-stored energy has provided our community with a nonpolluting power plant, increased our tax base, and created good jobs and ultimately better health for the people," said Carmen Ramirez, Ventura County District 5 Supervisor. "This project is truly a testament to Oxnard's determination and resilience to modernize and better our community."
The 100 megawatt/400 megawatt-hour Saticoy battery storage system features 142 Megapacks, Tesla's utility-scale battery storage product. The Megapacks, which charge from the grid, store energy during nonpeak hours and can be discharged to match electricity supply and demand and can provide power during peak demand, greatly improving grid stability and reliability.
Arevon is a global provider and North America's leading renewable energy company, offering comprehensive renewable energy infrastructure solutions to institutional investors and long-term owners that maximize value across the entire lifecycle of assets. Arevon is an affiliate of Capital Dynamics, benefitting from the global scale and extensive market insight of the global Capital Dynamics Clean Energy Infrastructure (CEI) platform.
Arevon's global fleet of PV solar and onshore wind assets now exceeds 6.5 GWdc, representing over $9 billion in invested capital. Arevon operates the second-largest portfolio of operating solar assets in North America, with over 3.5 GWdc of commercially operating utility-scale, commercial/industrial, distributed generation, and battery storage assets. With an additional 3.0 GWdc of solar assets currently under construction in the United States, Arevon is leading the renewable energy revolution in one of the most exciting industries of the 21st century. In addition, Arevon in the UK manages CEI's platform of over 200 MW of operational onshore wind and solar assets in the UK, a further 450 MW of construction assets in Europe and is mandated on the acquisition, development and construction of an extensive pipeline of utility-scale solar assets in the UK and Europe. For more information, please visit www.arevonenergy.com.
SOURCE Arevon Asset Management