Arevon Announces Offtake Agreement with MCE for a 250MW Energy Storage Project in California

Source: www.gulfoilandgas.com 4/17/2024, Location: North America

Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, announced it has signed a long-term tolling agreement with electricity provider MCE for 188 megawatts (MW) of the Cormorant Energy Storage Project. Cormorant Energy Storage is a 250 megawatt/1,000 megawatt-hour (MWh) stand-alone battery energy storage system which will be constructed in two phases in Daly City, California. The first 188 MW phase is scheduled to begin construction in Q1 2025 and is anticipated to become operational in Q2 2026.

Cormorant Energy Storage will feature state-of-the-art battery technology that will store energy during non-peak hours and discharge energy to provide power when it is needed during peak demand periods. Once both phases of the project are operational, Cormorant Energy Storage will be able to power more than 55,000 homes daily, facilitating the addition of more renewable energy resources into the region.

In addition to enhancing grid reliability and reducing the potential for blackouts, Cormorant Energy Storage is expected to support approximately 75 union construction jobs. The project is estimated to provide more than $27 million in property tax payments over its lifespan which will support city and county government activities as well as the local school district.

"This agreement showcases the strength of collaboration with MCE and also supports Arevon and MCE's joint commitment to bring clean, reliable energy to local communities," Kevin Smith, Chief Executive Officer at Arevon said. "Arevon will continue to expand its energy storage portfolio in order to improve grid stability and resiliency in California, enabling the state to further its decarbonization goals."

This agreement is the first commercial contract for Arevon and MCE. MCE is a community choice energy provider that supplies clean electricity and local clean energy programs to 1.5 million residents and businesses across Contra Costa, Marin, Napa, and Solano counties.

"Battery storage is critical to fast-tracking the clean energy transition. Through our partnership with Arevon, we are bringing online our largest battery storage project yet to support clean, reliable, and affordable electricity service for the Bay Area residents and businesses we serve," Dawn Weisz, Chief Executive Officer at MCE said.


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