Arevon Energy, a renewable energy developer, owner, and operator, announced the closing of a $600 million credit financing facility, with the option to increase it up to $850 million. The facility will support the company’s expansion of its portfolio of renewable energy projects across the U.S.
The financing package consists of a $350 million revolving loan and a letter of credit facility, and a $250 million project letter of credit facility. This will provide Arevon with flexible capital to support working capital needs, including acquisitions, project development, and performance support obligations across its portfolio of solar and battery storage projects. The package includes provisions for green loan reporting and sustainability-linked metrics, aligning with the company’s environmental, social, and governance goals.
Wells Fargo Bank, National Association, led the financing and served as the administrative agent. Wells Fargo Securities, Canadian Imperial Bank of Commerce, New York Branch, and Credit Agricole Corporate and Investment Bank acted as Co-Green Loan Structuring Agents and letter of credit issuing banks.
Wells Fargo Bank, National Association, Canadian Imperial Bank of Commerce – New York Branch, Credit Agricole Corporate and Investment Bank, JPMorgan Chase Bank, Bank of America, Barclays, BNP Paribas Securities, Commonwealth Bank of Australia, Natixis, National Bank of Canada, and Societe Generale served as Joint Lead Arrangers. MUFG, RBC, TD, and Truist served as participant lenders.
Latham & Watkins served as legal counsel, while Morgan Lewis served as counsel to the lender on the transaction.
“This credit facility is a testament to the strength of Arevon’s portfolio and the trust our financial partners place in our mission to increase domestic energy throughout the United States,” said Bob Krakauer, Chief Financial Officer at Arevon.
In March, the company had also secured a $98 million tax equity commitment from Fifth Third Bank to develop 265 MW of solar projects in the U.S. The 192 MW Ratts and the 73 MW Heirloom solar projects are currently under construction and are expected to be fully operational later this year.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
