#United States #Renewable Energy #Scottsdale #Arevon Energy #Credit Facility

Arevon Energy's $600 Million Credit Facility

Arevon Energy, Inc., a prominent player in the renewable energy sector, has recently announced the successful closing of an impressive $600 million credit facility aimed at accelerating its growth in renewable energy across the United States. This strategic funding move is poised to significantly enhance Arevon's ability to expand its portfolio of diverse, high-quality renewable energy projects.

The financial arrangement comprises a $350 million revolving loan and letter of credit facility alongside a $250 million project letter of credit facility. This flexibility is critical as it allows Arevon to meet its working capital requirements, including project acquisitions, development, and performance support obligations for its extensive portfolio of solar and battery storage projects. Notably, the facility also incorporates provisions for green loan reporting and sustainability-linked metrics, underscoring Arevon's commitment to environmental, social, and governance (ESG) goals.

The financing process was adeptly managed by Wells Fargo Bank, National Association, which served as the Administrative Agent. In addition, various other financial institutions, including Wells Fargo Securities, Canadian Imperial Bank of Commerce (New York Branch), and Credit Agricole, played a crucial role as Co-Green Loan Structuring Agents and letter of credit issuing banks. The collaborative efforts of these banks underline the robust trust in Arevon's project viability and its mission to bolster domestic energy production.

Bob Krakauer, Chief Financial Officer of Arevon, emphasized the significance of this credit facility, stating, “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.” With this financial backing, Arevon aims to continue developing and delivering efficient, reliable solar and energy storage solutions that are indispensable for a sustainable American energy future.

Headquartered in Scottsdale, Arizona, Arevon Energy is at the forefront of driving America's shift toward renewable energy. The firm is dedicated to powering the nation with affordable, reliable, and secure energy solutions. With a strong operational track record in utility-scale solar and energy storage, Arevon positions itself as a trusted partner for utilities and businesses eager to adopt cost-effective, sustainable energy solutions. Notably, Arevon is committed to investing in U.S. jobs and local economies while enhancing the country’s energy independence.

Currently, Arevon owns and operates over 4.7 gigawatts (GW) of solar and energy storage projects across 17 states, representing an impressive capital investment exceeding $9.6 billion. The company is also in the process of constructing an additional 1.5 GW in new capacity. Arevon's efforts have led to successful partnerships with local utilities, culminating in the development of 480 megawatts of solar energy, ensuring seamless integration into local communities.

Over the past 18 months, Arevon has successfully completed over $3.8 billion in project financings bolstering its development portfolio to an impressive 6 GW, further establishing its role as a leader in the nation's renewable energy landscape. As Arevon looks to the future, the company remains committed to advancing the nation’s energy objectives through innovative and sustainable energy solutions. For additional information about Arevon Energy, head to arevonenergy.com.