Arevon Closes on $120 Million Tax Equity Commitment with Wells Fargo for its Big Muddy Solar Project in Illinois

Transaction brings Arevon's project financings to more than $5.2 billion over the last several years and supports completion of its first utility-scale energy project in Illinois

SCOTTSDALE, Ariz. and MURPHYSBORO, Ill., Oct. 27, 2026 /PRNewswire/ -- Arevon Energy, Inc., a leading American energy developer, owner, and operator, closed on a $120 million tax equity commitment from Wells Fargo Bank, N.A. for its 124 megawatt (MWdc) Big Muddy Solar Project in Jackson County, Illinois. This transaction, the second of its kind with Wells Fargo, adds to the $5.2 billion in project financings Arevon has executed over the last several years.

Following the $183 million total debt package that Arevon announced in February 2026, the Wells Fargo commitment provides additional financing for Big Muddy Solar as the project advances toward commercial operations. The transaction enables Arevon to monetize the project's tax attributes, including depreciation and investment tax credits.

Big Muddy Solar construction began in 2025, and the project is slated to reach commercial operations by year-end. More than 250 workers constructed the facility, while the project contributed to increased local economic activity at stores, hotels, restaurants, and other businesses. Over its operating life, Big Muddy Solar is expected to deliver more than $12.6 million in property tax payments that will help fund schools, roads, and other area initiatives, while generating enough domestically produced electricity to power more than 24,000 Illinois homes annually.

"This latest tax equity commitment with Wells Fargo reflects the strength of our longstanding partnership and Arevon's track record of executing complex transactions," said Denise Tait, Chief Investment Officer and Interim Chief Financial Officer at Arevon. "Together, we remain focused on advancing American-made energy projects that create jobs, generate tax revenue for schools and local governments, and deliver long-term value for both our financial partners and host communities."

"As part of our expanding relationship with Arevon, we are pleased to announce our financing of the Big Muddy Solar Project," said Andrew Kho, Managing Director with Wells Fargo Renewable Energy & Environmental Finance. "We are proud to support Arevon's continued growth in the Midwest."

Advisors contributing to the transaction included Latham & Watkins as sponsor counsel; Husch Blackwell as sponsor local counsel; Hunton Andrews Kurth LLP as tax equity counsel; and Bryan Cave Leighton Paisner as lender and tax equity local counsel.

Arevon is actively growing its portfolio in the Midwest region of the United States through the operations, construction, and continued development of energy facilities. Recent milestones in the Midwest include the start of operations at its 430 MWdc Kelso Solar Project in Missouri and its Ratts 1 and Heirloom Solar Projects in Indiana, which have a cumulative capacity of 264 MWdc. Ratts 1 and Heirloom were awarded the 2025 Proximo North America Solar Deal of the Year. Arevon also secured three 20-year renewable energy credit contracts for its under-development 200 MWac/275 MWdc Panther Energy Project in Illinois. In addition, Arevon developed and managed construction of the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana on behalf of local utilities.

About Arevon Energy, Inc.
Arevon is a U.S. energy leader committed to powering America with affordable, reliable, and secure homegrown energy. Headquartered in Scottsdale, Arizona, and with a regional office in New York City, the company's experienced and dedicated team develops, finances, builds, owns, and operates renewable energy projects nationwide. With a strong track record in utility-scale solar and energy storage, Arevon is a trusted partner to utilities and businesses seeking cost-effective, sustainable energy solutions. By prioritizing American manufacturing and domestic energy production, the company invests in U.S. jobs, strengthens local economies, and advances the country's energy independence.

Arevon owns and operates more than 6.3 gigawatts of solar and energy storage projects across 18 states, is currently constructing 370 megawatts (MW) of new capacity, and maintains a robust development portfolio. The company has also partnered with local utilities to develop and build 480 MW of solar energy, ensuring each project was successfully integrated into their communities. Together, this scale, execution, and ongoing development activity position Arevon at the forefront of American energy innovation. For more information, visit arevonenergy.com.

SOURCE Arevon