Arevon Energy, Inc., a renewable energy company, has through the combination of Capital Dynamics’ U.S. Clean Energy Infrastructure (CEI US) team and Arevon Asset Management, launched Capital Dynamics’ former exclusive energy asset management affiliate. Arevon is 100% owned by an investor group comprised of APG, the California State Teachers’ Retirement System (CalSTRS), and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
Arevon will support a standalone clean energy platform of 4.5 GW of operating, under construction, and late-stage development solar and battery storage projects, as well as a 3.0 GW pipeline. The transaction is subject to regulatory approvals and is expected to close by early 2022.
With significant industry experience among its more than 100 professionals, Arevon will offer customized clean energy solutions to utilities and corporations and plans to expand its platform of solar and battery storage projects through customer acquisition, M&A, and select development activities.
John Breckenridge, Arevon’s Chief Executive Officer and former Head of Clean Energy Infrastructure at Capital Dynamics said, “Launching this clean energy platform gives Arevon the flexibility to expand our capabilities and engage in new partnerships. As the renewables industry matures, it is essential we bring both innovative offtake solutions and operational excellence to the market. Our seasoned operations team, combined with our access to capital, positions us to accomplish those goals and continue to grow the platform’s portfolio of clean energy assets in North America.”
Khadem AlRemeithi, Executive Director of the Real Estate & Infrastructure Department at ADIA, said, “Renewable energy is an area of keen interest for ADIA and we have built a sizeable, global portfolio in the sector. By investing alongside proven partners in Arevon, we are supporting the creation and future growth of an innovative renewable energy platform.”
Steven Hason, Head of Americas Real Assets at APG said, “As a pension investor, we are continuously looking for attractive infrastructure investments that help us realize stable, sustainable, and long-term returns for our pension clients. This transaction represents an opportunity to continue our clean energy investments alongside our partners and play a significant role in the U.S. energy transition. We look forward to further collaborating with our partners who share our long-term investment goals.”
In addition to Breckenridge, Arevon’s management team includes three Executive Vice Presidents: Justin Johnson, former head of Arevon Asset Management, as Chief Operating Officer, Brian Callaway as Chief Financial Officer, and Tommy Greer as Chief Commercial Officer.
“We’re launching into this next chapter with a deeply experienced team that shares a passion for driving the clean energy transition. Arevon brings together an unmatched mix of project finance, construction, development, and operations experience, aided by customized analytical tools that give us an edge when it comes to optimizing asset performance, said Johnson.”
Arevon will continue to provide consulting and support services to other generation assets for Capital Dynamics, an independent global private asset management firm based in Switzerland. Ropes & Gray acted as legal counsel to the Investor Group.