Arevon Energy, a solar and energy storage project developer, announced closing $509 million in financing for the 430 MWdc Kelso 1 & 2 solar projects in Scott County, Missouri. The financing package comprises a $245 million bridge loan, a $172 million construction loan, and $92 million of credit support.
Canadian Imperial Bank of Commerce acted as the administrative agent, left lead arranger, and book-runner. Canadian Imperial Bank of Commerce, Commerzbank, Commonwealth Bank of Australia, Lloyds Bank, and National Bank of Canada served as the lenders, coordinating lead arrangers and green loan coordinators, while BNY acted as the collateral agent.
The company will develop, build, and operate the two-phase Kelso solar projects, which are Arevon’s first utility-scale renewable energy projects in Missouri.
This is stated to be Arevon’s eighth project financing transaction in the last 18 months, reaching a total of over $3.7 billion in funding.
“Kelso Solar’s financing is a testament to the close collaboration among all of our financing counterparties, for whom I am grateful for their confidence and trust in Arevon to deliver on our first-class projects,” said Denise Tait, Chief Investment Officer at Arevon. “Arevon’s expanding presence as a top American independent power producer would not be possible without the support of our financial and commercial partners, and I am excited to continue to work together to build a better future through homegrown, responsible energy.”
The company is expanding its presence in the Midwestern region of the U.S. In addition to the Kelso projects, Arevon is currently constructing four solar projects in Indiana with a combined capacity of 744 MW.
Last year, in September, Arevon Energy announced the closing of $351 million in financing to build the 251 MWdc Gibson Solar Project, located in Gibson County, Indiana. In addition, the company secured $299 million in debt financing commitments for the 192 MWdc Ratts 1 solar and 73 MWdc (60 MWac) Heirloom solar projects in Indiana.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding in 2024 increased 21% year-over-year.
