Arevon Energy, a developer, owner and operator of utility-scale solar and energy storage projects, announced the closing of a $600 million credit facility to support its renewable energy project portfolio in the United States.
The deal includes a $350 million revolving loan and credit facility and a $250 million project letter of credit facility. It includes an option to increase up to $850 million.
The funds are expected to support working capital needs including project acquisitions, development and provide performance support across its solar and battery storage projects.
Arevon, headquartered in Scottsdale, Arizona, owns and operates more than 4.7 GW of solar and energy storage projects across the U.S., representing more than $9.6 billion in capital investment. It has another 1.5 GW of projects in construction and 6 GW of projects in various stages of development.
The financing was led by Wells Fargo, which acted as administrative agent. Wells Fargo Securities, LLC, Canadian Imperial Bank of Commerce, New York Branch, and Credit Agricole Corporate and Investment Bank acted as loan structuring agents and letter of credit issuers.
A large international group of joint lead arrangers included Wells Fargo, Canadian Bank of Commerce, Credit Agricole, JP Morgan Chase, Bank of America, Barclays, BNNP Paribas, Commonwealth Bank of Australia, Natixis, National Bank of Canada and Societe Generale. MUFG, RBC, TD and Truist served as participant lenders.
Latham & Watkins served as legal counsel for Arveon, while Morgan Lewis served as lender’s counsel for the deal.
Over the past 18 months, Arevon has reported over $3.8 billion in project financings, ranking it among the largest utility-scale solar and energy storage project developers in the United States.
In May, Arevon started construction of its two-phase, 430 MW solar project in Missouri. The Kelso Solar project is expected to employ 450 workers at peak construction. The 430 MW project significantly changes the state’s total solar capacity, adding to the 894 MW in operation as of the end of 2024.
The facility is one of the first utility-scale solar plants to source all domestically produced products. Kevin Smith, Arevon chief executive officer told pv magazine USA the Kelso plants will include over 800,000 First Solar modules mounted on Nextracker trackers, along with 91 SMA inverters.
Last December, Arevon activated its Eland solar and storage project in Kern County, California, adding 384 MW of solar and 150 MW / 600 MWh of energy storage. The $2 billion-plus site included Tesla grid-scale batteries.
Tesla stated, “This is the first project deployed with Tesla’s new site-level controls that seamlessly regulate power output to buffer the intermittency of solar and provide a firm resource to the grid. The hybrid configuration allows more solar power to be installed at the site than the interconnection nameplate, while also avoiding costly solar curtailment.”
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With large-scale deployments like Arevon’s expanding portfolio, solar inspection technologies play a critical role in maintaining performance and safety. Advanced drone-based and AI-powered solar inspection systems can detect micro-cracks, soiling, and electrical anomalies up to 90% faster than manual methods, helping developers optimize uptime and extend asset life across gigawatt-scale operations.