Arevon Energy, Inc., a leading American energy developer, owner, and operator, has officially announced the initiation of commercial operations at its Peregrine Energy Storage Project in San Diego, California.
In case you weren’t aware, this would be a 200 megawatt (MW)/400 megawatt-hour battery storage project, located in the Barrio Logan community and slated to become Arevon’s fifth utility-scale energy storage facility in California.
According to certain reports, the stated facility was reached upon on the back of a $300 million project, which markedly employed more than 90 full-time equivalent personnel at the height of its construction. Moving forward, too, it will disburse long-term property tax benefits estimated to clock more than $28 million over its lifetime.
More on the same would reveal how this particular facility is understood to feature modern lithium iron phosphate batteries which are the best in class as far as safety is concerned.
As utility-scale battery systems allow electricity to be stored and then efficiently discharged into the grid, Peregrine Energy Storage treads up a long distance to scale up grid stability, and at the same time, cut down on the risk of brownouts and blackouts. This it does by storing electricity and providing it during high demand intervals, thus preventing power outages.
Not just that, the stated project, and other such initiatives, can also be expected to facilitate the installation of further renewable energy projects on the grid, by directing energy to storage generated during low demand periods, to meet peak demand later in the day.
An example relaying the same would be how, during peak electricity demand, Peregrine can power up to 200,000 homes for two hours per day. Another detail worth a mention relates to how this whole mechanism can also come in handy to moderate peak electricity prices paid by consumers.
The development in question further delivers a rather interesting follow-up to Arevon’s recent achievements at several of its California projects. These achievements include the start of operations at its Eland 1 Solar-plus-Storage Project, its Vikings Solar-plus-Storage Project, and its Condor Energy Storage Project. The company also announced offtake agreements for its Cormorant Energy Storage Project and its Avocet Energy Storage Project, as well as closed financing on its Eland 2 Solar-plus-Storage Project.
Beyond that, Arevon’s Condor Energy Storage in Grand Terrace received the North America Storage Deal of the Year Award, and Vikings Solar-plus-Storage in Imperial County was the recipient of IJGlobal’s Renewables Deal of the Year – Energy Storage Award.
Among other things, it must be acknowledged that Arevon owns and operates, at the moment, more than 4.7 gigawatts (GW) of solar and energy storage projects across 17 states. This translates to more than $9.6 billion in capital investment.
The company is also constructing 1.2 GW worth of new capacity, while simultaneously partnering with local utilities to develop and build 480 megawatts of solar energy, ensuring each project was successfully integrated into their communities.
Over the past 18 months, Arevon has even completed more than $3.8 billion in project financings.
“The successful completion of Peregrine Energy Storage is a result of the collaborative efforts of the project’s stakeholders and the local community who collectively support California’s renewable energy goals,” said Kevin Smith, Chief Executive Officer at Arevon. “Peregrine signifies Arevon’s ongoing commitment to energy storage, and its importance in ensuring a reliable, stable energy system, as well as to advancing domestically made energy in the state and throughout the country.”
