Arevon Energy has completed a $509 million financial close for the 430 MW Kelso 1 & 2 Solar Projects in Scott County, Missouri.
This transaction represents the developer’s eighth project financing in the last 18 months, totaling more than $3.7 billion of funding.
Arevon developed and will build as well as operate the two-phase Kelso Solar facilities, which are the company's utility-scale renewable energy projects in Missouri. Kelso Solar will help create an estimated 450 jobs in Scott County and surrounding parts during peak construction to build the project.
When operational, the projects will disburse more than $34 million to local governments over its multi-decade lifespan to support schools, infrastructure, and vital services.
"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," Kevin Smith, Arevon CEO, said in a statement. "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."
The financing package includes 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, Lender Counsel by Milbank, Local Counsel by Husch Blackwell, and Lender Local Counsel by BCLP.
Arizona-based Arevon aims to expand its presence in the midwestern region of the United States. Currently, the company is constructing four solar projects totaling 744 MW in Indiana with capital costs of more than $1.1 billion.
