Arevon bags another US$351 million for Indiana PV expansion

Facebook
Twitter
LinkedIn
Reddit
Email
“Gibson Solar represents our sixth completed financial package in the last year, amounting to US$3 billion in capital,” said Denise Tait. Image: Arevon.

US independent power producer (IPP) Arevon has secured a US$351 million financing package to support the construction of its 251MW Gibson solar project in Indiana, US.

The financing comprises a construction loan and a letter of credit facility, both led by US bank CoBank. The construction loan was also delivered by Societe Generale, and PNC Bank.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Arevon started construction at the 251MW project, located in Gibson County, last month. Upon completion, it will become the property of the state utility Northern Indiana Public Service Company (NIPSCO).

“Gibson Solar represents our sixth completed financial package in the last year, amounting to US$3 billion in capital,” said Denise Tait, chief investment officer at Arevon.

Indeed, the last year has seen Arevon make a string of deals and project announcements. Many of them have been in Indiana, which is becoming a hotbed for utility-scale solar generation.

Earlier this month, the company secured US$299 million in debt financing to support the construction of the 192MW Ratts 1 project and the 60MW Heirloom project, both in Pike County, Indiana. Two weeks prior, it inked an Environmental Attributes Purchase Agreement (EAPA) with Silicon Valley tech platform giant Meta for the Heirloom project.  

Last week, Arevon COO Justin Johnson spoke to PV Tech Premium about the company’s operations and its emphasis on Indiana. Johnson said that the state became attractive for utility-scale solar PV development when the Midcontinent Independent System Operator (MISO) authority began to retire coal capacity in the state. This coincided with developments in solar PV efficiency and a reduction in the levelised cost of energy (LCOE) for the technology, he said, which made large-scale solar in Indiana possible.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

August 20, 2025
Blueleaf Energy has signed an MoU with Chemsain Sustainability to explore a portfolio of up to 3GW of solar PV and BESS in Malaysia.
August 20, 2025
Solar manufacturer T1 Energy has signed a 437MW module supply agreement with an as-yet undisclosed US utility.
August 20, 2025
USDA has announced that new wind and solar projects on agricultural land will not be eligible for two federal loan programmes.
August 20, 2025
The consortium building the Al Sadawi PV power plant in Saudi Arabia has reached financial close on the 2GW project.
August 20, 2025
Silicon Ranch is building a 100MW solar plant in South Carolina that will supply power to Meta's first data centre in the state.
August 20, 2025
US microinverter manufacturer Enphase Energy has signed a safe harbour deal to secure residential solar tax credits, the second such deal the company has made this month.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines