US-based renewable energy developer Arevon Energy has finalised three separate 20-year indexed renewable energy credit (REC) agreements for its 200MW-alternating current (MWac)/275MW-direct current (MWdc) Panther Energy Project in Perry County, Illinois, US.
The contracts were signed with Ameren Illinois, Commonwealth Edison (ComEd) and MidAmerican Energy.
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This follows the project’s selection in the Illinois Power Agency’s (IPA) Summer 2026 Indexed REC procurement, which the Illinois Commerce Commission (ICC) approved.
Construction of the solar facility is scheduled to begin in 2027, with completion expected in 2028.
Once operational, it is projected to generate electricity for more than 37,000 homes in Illinois.
Arevon estimates the project will create around 200 construction jobs during development.
Over the course of its operation, the project is expected to deliver approximately $20m in property tax payments.
Arevon chief commercial officer Tommy Greer said: “Arevon is proud to work with Ameren Illinois, ComEd and MidAmerican through the IPA procurement to move Panther Energy closer to construction and contribute to Illinois’s energy goals.
“We appreciate the collaboration of Perry County residents, landowners and local officials throughout the project’s development. We look forward to delivering reliable, homegrown energy to the grid while creating jobs, generating long-term economic benefits and investing in the local community.”
Under the IPA’s procurement process, Panther Energy was selected to supply 421,131 RECs in the first year. These credits will be divided among Ameren Illinois, ComEd and MidAmerican under separate contracts.
The process was part of the state’s Climate and Equitable Jobs Act, enacted in 2021, which introduced the Indexed REC pricing structure for large renewable energy procurements.
In this recent round, the ICC approved contracts covering 1.55GW of new renewable energy capacity, including four utility-scale solar projects totalling 740MWac.
Arevon has been expanding its operational footprint across the Midwest, recently marking milestones such as starting operations at its 430MWdc Kelso Solar Project in Missouri and progressing the Ratts 1 and Heirloom Solar Projects in Indiana.
The company is also nearing completion of the 124MWdc Big Muddy Solar Project in Jackson County, Illinois. In February 2026, it secured a $183m debt package to support construction.
