US-based Arevon Energy, a renewable energy developer, has secured a financial close of $509m for the 430MWdc [megawatts defined conditions] Kelso 1 and 2 Solar projects located in Scott County, Missouri.
The $509m funding for Kelso 1 & 2 consists of a $245m bridge loan, a $172m construction loan and $92m in credit assistance.
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The Canadian Imperial Bank of Commerce acted as administrative agent, left lead arranger and bookrunner.
The deal marks Arevon’s eighth project financing since October 2023, bringing the total funding secured to more than $3.7bn.
The Kelso Solar projects are two-phase solar facilities developed by Arevon, which will also oversee their construction and operation – the company’s first utility-scale renewable energy projects in Missouri.
Kelso Solar will deliver key economic benefits to Scott County and nearby areas, including 450 jobs during peak construction.
Arevon chief investment officer Denise Tait stated: “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.
“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.”
In addition to Kelso 1 & 2, Arevon is developing four solar projects in Indiana with a combined capacity of 744MW and capital costs exceeding $1.1bn.
Arevon CEO Kevin Smith stated: “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.
“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.”
