Arevon Energy, a renewable energy developer, owner, and operator, has 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. The transaction brings the company’s total financings to $4.5 billion over the past two years.
The $500 million Kelso solar project is currently under construction. According to the company, the project is expected to generate employment for approximately 450 construction workers and contribute $34 million to local governments over its lifetime. Once complete, Kelso will boost the state’s installed solar capacity by nearly 50 percent. Phase one is expected to achieve commercial operations by the end of 2025, with phase two estimated to begin operation in the first quarter of 2026.
For the tax equity transaction, Wells Fargo served as the Tax Equity Investor. Amis, Patel & Brewer provided Sponsor Counsel; Sponsor Tax Counsel by Stoel Rives; Tax Equity Counsel by Sheppard Mullin; Sponsor Local Counsel by Husch Blackwell; and Tax Equity Local Counsel by BCLP.
“This substantial tax equity raise — among the largest in Arevon’s history — demonstrates Arevon’s strong financial stewardship and our successful track record in executing transactions that fuel the company’s continued growth,” said Denise Tait, Chief Investment Officer at Arevon. “We are grateful to Wells Fargo as well as our other financial partners for their trust and unwavering support of Arevon’s aim to power an American energy future and deliver lasting community benefits in its project areas.”
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In August, Scatec, a renewable energy solutions provider, secured BRL 150 million (~$27 million) non-recourse project financing for the development of a 142 MW solar project in Minas Gerais, Brazil. Banco de Nordeste provided the funding to Scatec.
