Arevon Completes $509 Million Financing Package for its Kelso 1 & 2 Solar Projects in Missouri

Transaction marks the company's eighth financial close in the last 18 months, totaling more than $3.7 billion

SCOTTSDALE, Ariz. and SCOTT COUNTY, Mo., March 11, 2025 /PRNewswire/ -- Arevon Energy, Inc., a leading renewable energy developer, owner and operator, announced it completed a $509 million financial close for the 430 megawatt (MWdc) Kelso 1 & 2 Solar Projects in Scott County, Missouri. This transaction represents Arevon's eighth project financing in the last 18 months, totaling more than $3.7 billion of funding.

Arevon developed and will build and operate the two-phase Kelso Solar facilities, which are the company's first utility-scale renewable energy projects in Missouri. Kelso Solar will generate a host of economic benefits in Scott County and surrounding parts, including the creation of an estimated 450 jobs during peak construction to build the project. This surge in activity will positively contribute to the local economy with increased spending at area stores, hotels, and restaurants. When operational, Kelso Solar will disburse more than $34 million to local governments over its multi-decade lifespan, which will support schools, infrastructure, and vital services.

Kelso 1 & 2 Solar's $509 million financing package is comprised of a $245 million bridge loan, a $172 million construction loan, and $92 million of credit support. Canadian Imperial Bank of Commerce (CIBC) was the Administrative Agent, Left Lead Arranger, and Bookrunner. CIBC, Commerzbank, Commonwealth Bank of Australia, Lloyds Bank, and National Bank of Canada served as the projects' lenders, Coordinating Lead Arrangers, and Green Loan Coordinators while BNY acted as the Collateral Agent. Sponsor Counsel was provided by Amis, Patel & Brewer, LLP, Lender Counsel by Milbank LLP, Local Counsel by Husch Blackwell, and Lender Local Counsel by BCLP.

"Kelso Solar's financing is a testament to the close collaboration among all of our financing counterparties, for whom I am grateful for their confidence and trust in Arevon to deliver on our first-class projects," said Denise Tait, Chief Investment Officer at Arevon. "Arevon's expanding presence as a top American independent power producer would not be possible without the support of our financial and commercial partners, and I am excited to continue to work together to build a better future through homegrown, responsible energy."

"CIBC is proud to act as Left Lead Arranger, Coordinating Lead Arranger, Bookrunner, Green Loan Coordinator, and Administrative Agent for the financing of the Kelso Solar Projects," said Ines Serrao, Managing Director and Head of U.S. Renewables at CIBC. "Supporting leading renewable platforms, such as Arevon, underscores CIBC's ongoing commitment to the U.S. renewable energy sector, as we work toward enabling a more sustainable economy."

Arevon is expanding its presence in the Midwestern region of the United States. In addition to the Kelso 1 & 2 Solar Projects, the company is currently constructing four solar projects totaling 744 megawatts in Indiana with capital costs of more than $1.1 billion and has a robust development portfolio of assets in this key market.

"Utility-scale solar projects are essential contributors in strengthening the American economy through the creation of competitive-wage jobs, local tax revenue, and other steady, reliable benefits that enhance communities," said Kevin Smith, Chief Executive Officer at Arevon. "Kelso Solar will add resilience and security to America's energy infrastructure, and Arevon looks forward to advancing our development activities in America's Heartland."  

About Arevon 

Arevon Energy, Inc. is a leading renewable energy company, supplying clean, reliable, and cost-effective energy to utilities and businesses across the United States. Headquartered in Scottsdale, Arizona, and with a regional office in New York City, Arevon's more than 300 mission-driven employees use innovative approaches and technology to develop, build, finance, own, and operate renewable energy projects. Arevon owns and operates more than 4,500 megawatts (MW) of utility-scale solar, energy storage, and solar-plus-storage projects as well as distributed generation assets in 17 U.S. states. The company is currently constructing more than 1,400 MW of new solar and storage capacity and has a robust development portfolio of more than 6 gigawatts. In the past 18 months, Arevon has completed project financings of more than $3.7 billion. For more information, visit arevonenergy.com.

SOURCE Arevon