Arevon closes financing for 251-MW solar project in Indiana

US renewables company Arevon Energy Inc on Tuesday said it has secured a USD-351-million (EUR 315m) financing package to construct the 251-MW DC Gibson solar project in Gibson County, Indiana, where building work commenced recently.

The transaction included a construction loan with CoBank, Societe Generale and PNC Bank.

"Gibson Solar represents our sixth completed financial package in the last year, amounting to USD 3 billion in capital,” remarked Arevon chief investment officer Denise Tait.

This is also Arevon's fourth utility-scale project that is under construction and financed in Indiana.

Under a contract with local electric distribution company Northern Indiana Public Service Company LLC (NIPSCO), the latter will own and operate the project following its completion.

The engineering, procurement and construction (EPC) contractor for the Gibson solar park is Signal Energy.

(USD 1 = EUR 0.898)

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