Arevon Energy, a renewable energy developer, owner, and operator, has secured a $183 million total debt package, which includes a tax equity bridge loan, construction-to-term loan, and a letter of credit, for its 124 MWdc Big Muddy Solar Project in Jackson County, Illinois.
Intesa Sanpaolo and Crédit Agricole are the lenders, coordinating lead arrangers, joint bookrunners, and green loan coordinators for the debt package. Crédit Agricole is also the administrative agent.
BNY is the collateral agent, Latham & Watkins served as sponsor counsel, and Milbank was the lender counsel. Husch Blackwell served as the sponsor’s local Counsel, and BCLP served as the lender’s local counsel.
The financing supports the continued advancement of the project’s construction and adds to Arevon’s cumulative total of $5.1 billion in project financings executed over the past two years.
According to the company, the Big Muddy Solar Project is its first utility-scale energy project in Illinois, which began construction in 2025, and it is expected to reach commercial operation by the end of 2026.
“With each completed financing, Arevon reinforces its position as an industry leader in developing and operating utility-scale projects that benefit communities by creating jobs, contributing tax payments to support local entities, and producing safe, affordable, American-made energy,” said Denise Tait, Chief Investment Officer at Arevon. “This successful close is yet another example of Arevon’s commitment to work in lock step with our partners, delivering long-term value for our financial counterparties as well as lasting benefits to communities.”
In September 2025, the company secured a $250 million tax equity commitment from Wells Fargo Bank, N.A., for the development of a two-phase, 430 MW Kelso solar project in Scott County, Missouri.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
