ENERGY STORAGE

Arevon Energy signs MCE tolling agreement for 188MW of US storage

April 22, 2024

Renewable energy developer Arevon Energy has signed a long-term tolling agreement with electricity provider MCE for the first 188MW of the Cormorant Energy Storage Project.

Cormorant Energy Storage is a 250 MW / 1,000 MWh standalone 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.

Once both phases of the project are operational, Cormorant Energy Storage will be able to power more than 55,000 homes daily.

Cormorant Energy Storage is expected to support “approximately 75 union construction jobs,” a Arevon Energy statement said. The project is also 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, CEO 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 in California.

Dawn Weisz, CEO at MCE, said: “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.”