Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, announced it has secured a $250 million tax equity commitment from Wells Fargo Bank, N.A. for Arevon's two-phase 430 megawatt (MWdc) Kelso Solar Project in Scott County, Missouri. The transaction brings Arevon's aggregate solar and energy storage project financings to $4.5 billion executed within the last two years.
The $500 million Kelso Solar Project Arevon's first utility-scale renewable energy project in Missouri is currently under construction, providing employment for upwards of 450 workers, while boosting spending at area stores, hotels, and restaurants. Throughout its lifetime, Kelso Solar is estimated to disburse more than $34 million to local governments, supporting schools, infrastructure, and first responders. Arevon will own and operate the project on a long-term basis, with the first phase anticipated to achieve commercial operations by the end of 2025, and the second phase estimated to start operations in the first quarter of 2026. When operational, Kelso will boost the state's installed solar capacity by nearly 50 percent.
For the tax equity transaction, Wells Fargo served as the Tax Equity Investor. Sponsor Counsel was provided by Amis, Patel & Brewer; Sponsor Tax Counsel by Stoel Rives; Tax Equity Counsel by Sheppard Mullin; Sponsor Local Counsel by Husch Blackwell; and Tax Equity Local Counsel by BCLP.
"This substantial tax equity raise among the largest in Arevon's history demonstrates Arevon's strong financial stewardship and our successful track record in executing transactions that fuel the company's continued growth," said Denise Tait, Chief Investment Officer at Arevon. "We are grateful to Wells Fargo as well as our other financial partners for their trust and unwavering support of Arevon's aim to power an American energy future and deliver lasting community benefits in its project areas."
"We are pleased to support Arevon with tax equity financing for the Kelso Solar Project and are proud to continue our long-standing relationship as they expand their renewable energy activity into Missouri," said Andrew Kho, Managing Director with Wells Fargo Renewable Energy & Environmental Finance.
Arevon previously shared news on Kelso's $509 million financing package and the execution of two long-term Environmental Attributes Purchase Agreements (EAPA) with Meta for the project. Moreover, Arevon has completed contributions to worthy initiatives and community programs which are core to the company's project development activities. Arevon's community collaboration in Scott County includes a $300,000 contribution to the Kenny Rogers Children's Center to support the construction of a new gymnasium at the center, a $145,000 donation to the Scott County R-IV School District for safety initiatives and STEM program support, and a commitment to the City of Blodgett to supply the funds needed to install a secondary water well an essential investment in public health and long-term infrastructure resilience.
In addition to Kelso 1 & 2, Arevon is actively growing its portfolio in the Midwest region of the United States. The company is currently constructing two large-scale solar projects in Indiana, anticipates starting construction on its Big Muddy Solar Project in Illinois, and is actively advancing development on other proposed renewable energy facilities in the region. Arevon also recently advanced 480 megawatts of solar energy into operations, ensuring the projects were successfully integrated into each community.
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 staff 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 5.3 gigawatts (GW) of solar and energy storage projects across 17 states, representing more than $10 billion in capital investment, and is currently constructing an additional 1 GW of new capacity. The company also partnered with local utilities to develop and build 480 megawatts of solar energy, ensuring each project was successfully integrated into their communities. Within the last two years, Arevon has completed $4.5 billion in project financings and closed on a $600 million corporate revolver to fund continued company growth. With a 9 GW development portfolio and continued investment in new projects, Arevon is solidifying its role as a leader in powering an American energy future. For more information, visit arevonenergy.com.
