Arevon Energy has secured a debt package totalling $183m to support the construction of its 124 megawatt-direct current (MWdc) Big Muddy Solar Project in Jackson County, Illinois, US.
The financing arrangement comprises a tax equity bridge loan, a construction-to-term loan and a letter of credit.
Lenders Intesa Sanpaolo and Crédit Agricole acted as coordinating lead arrangers, joint bookrunners and green loan coordinators, with Crédit Agricole also serving as administrative agent.
BNY took on the collateral agent role, while Latham & Watkins and Milbank acted as legal counsel for the sponsor and lenders, respectively.
Additional legal support came from Husch Blackwell as sponsor local counsel and BCLP as lender local counsel.
Construction at the Big Muddy Solar site began in 2025. The project is expected to employ around 250 workers during its peak construction phase.
Over its operational lifetime, the facility will provide an estimated $12.6m in property tax payments to Jackson County, benefitting local services such as schools and infrastructure improvements.
Once operations commence, Arevon projects that Big Muddy Solar will generate enough electricity to supply more than 24,000 homes across Illinois.
The company will retain ownership and operational control over the facility throughout its life cycle.
Arevon reports that its cumulative project financing now stands at $5.1bn over the past two years.
Arevon chief investment officer Denise Tait said: “With each completed financing, Arevon reinforces its position as an industry leader in developing and operating utility-scale projects that benefit communities by creating jobs, contributing tax payments to support local entities, and producing safe, affordable, American-made energy.”
In parallel developments within the Midwest region, Arevon recently commenced operations at the Ratts 1 and Heirloom solar projects in Indiana, a combined investment of $400m adding 264MWdc of capacity, and completed construction on the 430MWdc Kelso Solar Project in Missouri with an investment of $500m.
