#United States #Arevon Energy #Solar Projects #Indiana #Petersburg

Arevon Energy Secures $98 Million for Solar Projects

Arevon Energy, Inc., a prominent player in the renewable energy sector, has recently secured a substantial tax equity commitment of $98 million from Fifth Third Bank. This funding is designated for its Ratts 1 and Heirloom Solar Projects, both of which are currently under construction in Pike County, Indiana. The projects are expected to contribute a significant 265 megawatts of clean, domestic energy to the local grid, marking an important milestone in Arevon's expansion within the Midwest.

With over $3.8 billion invested in total project financing over the past year and a half, Arevon is committed to enhancing the sustainability of energy production in the region. The combined investment for the Ratts 1 and Heirloom projects amounts to nearly $400 million, highlighting the company's dedication to renewable energy initiatives.

Economic Impact and Community Benefits

The Ratts 1 (192 MWdc) and Heirloom (73 MWdc) solar projects are anticipated to generate over $86 million in disbursements to local governments, fostering improvements in schools, infrastructure, and community services. Notably, the projects have already created around 200 full-time jobs, significantly benefiting local businesses, including shops, hotels, and restaurants due to increased economic activity in the area.

The financial closure for these projects was first announced in September 2024, which included a pioneering $299 million deal centered around tax equity and credit transfer provisions. This strategic partnership with Fifth Third Bank highlights the flexibility offered by the Inflation Reduction Act (IRA), which has enabled Arevon to effectively structure its capital for optimized growth.

A Forward-Looking Partnership

Denise Tait, Chief Investment Officer at Arevon, reflected on the partnership, stating that the effective collaboration with Fifth Third Bank and other finance partners exemplifies how strategic alignments can lead to significant achievements in renewable energy financing. The intricate structure of this tax equity transaction is a testament to Arevon's innovative approach toward financing future projects.

Jon Stark, the Head of Renewables at Fifth Third Bank, echoed this sentiment, emphasizing their bank's commitment to supporting growth in the renewable sector. Fifth Third Bank is eager to deepen its partnership with Arevon as they continue to expand their portfolio of renewable energy assets across the U.S.

Expansion Across the Midwest

Arevon’s commitment to growth in the Midwest is evident, with recent project announcements including the Posey Solar Project and the Gibson Solar Project, both situated in Indiana. To further solidify its presence, Arevon is also advancing the Kelso Solar Project in Missouri, which boasts a capacity of 430 MW. The company is proactively contributing to community initiatives in these project areas, thereby strengthening local partnerships.

In Illinois, Arevon has made strides with the Big Muddy Solar Project, establishing a local office and extending support to a range of community organizations, with construction slated to begin later this year.

Conclusion

As Arevon Energy continues to elevate its renewable energy initiatives, its ongoing investments are set to play a crucial role in shaping the energy landscape in America. By prioritizing domestic energy production and American manufacturing, Arevon not only supports local economies but also enhances the nation's energy independence.

To stay informed about Arevon's initiatives and new developments in renewable energy, visit arevonenergy.com.

About Arevon Energy, Inc.

Arevon Energy is a leader in the U.S. renewable energy sector, dedicated to providing affordable, reliable, and secure energy solutions. Based in Scottsdale, Arizona, with an enhanced footprint and regional presence in New York City, Arevon develops, finances, constructs, owns, and operates utility-scale solar and energy storage projects across the nation. With more than 4.5 gigawatts of operational capacity and an additional 1.9 GW under construction, the company prides itself on being a strategic partner to both utility providers and businesses focused on sustainable energy solutions.