Arevon secures USD-299m financing for Indiana solar projects

Arevon Energy Inc has secured USD 299 million (EUR 269.3m) in debt financing for its Ratts 1 Solar and Heirloom Solar projects, which broke ground in Pike County, Indiana, in the final weeks of August.

Credit Agricole, Commerzbank, Bank of America, and Lloyds Bank were the coordinating lead arrangers, together providing a USD-119-million construction-to-term loan, a USD-159-million tax equity and tax credit bridge loan, and a USD-21-million letter of credit facility, Arevon said on Wednesday.

The US renewables developer-operator will the use the funds to construct the Ratts 1 and Heirloom Solar plants, aiming to bring them online by the third quarter of 2025.

Ratts 1 Solar, with a capacity of 192 MWdc, will operate under a power purchase agreement (PPA) with Indiana Municipal Power Agency. The 73-MWdc Heirloom project is backed by Meta Platforms Inc (NASDAQ:META), which purchased environmental attributes that the solar farm will generate.

(USD 1.0 = EUR 1.110)

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