Arevon Energy has secured $299 million in debt financing for its Ratts 1 and Heirloom Solar Projects in Pike County, Indiana. These projects will contribute 264 MW (MWdc) of renewable energy to the Midwest and MISO region. Construction is already underway, with full operational status expected by the third quarter of 2025.
The financing package includes a $119 million construction-to-term loan, $159 million tax equity and credit bridge loan, and a $21 million letter of credit facility. Crédit Agricole, Commerzbank, Bank of America, and Lloyds Bank led the arrangement, with Crédit Agricole serving as Administrative Agent.
Earlier this year, Arevon Energy secured over $1 billion in financing for its Eland 2 Solar-plus-Storage project in Kern County, California. The 374 MWdc solar facility, paired with 150 MW/600 MWh of energy storage, is expected to be operational by the first quarter of 2025.