US independent power producer (IPP) Arevon has begun operations at two utility-scale solar projects in Indiana.
The Heirloom and Ratts 1 projects in Pike County, Indiana, represent 264MW in combined solar generation capacity. These projects—representing around US$400 million in investment—are the first utility-scale projects that Arevon owns in Indiana.
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Both sites will operate under long-term offtake agreements. The 150MW Ratts 1 project is contracted under a power purchase agreement (PPA) with the Indiana Municipal Power Agency (IMPA).
Data and software giant Meta has signed an environmental attributes purchase agreement (EAPA) for the 60MW Heirloom project, under which it will purchase the indirect benefits from the project, such as credits, benefits and emissions reductions.
Arevon secured US$98 million in tax equity financing for the Ratts and Heirloom portfolio back in May.
Kevin Smith, CEO of Arevon, said the projects are “about more than megawatts—they are tangible illustrations of the positive and real impact renewable energy can bring to local communities.”
As an IPP with plans to own the two projects over the long term, Arevon said it would “commit” to “prioritising community giving throughout the lifecycle of its projects.” The company spoke to PV Tech Premium last year about the benefits of its IPP model, which include the ability to sign long-term agreements with suppliers and offtakers.
Arevon has become a major player in the US solar sector, with a growing presence in Indiana and the Midwest, notably its 251MW Gibson solar project in Gibson County, Indiana.
The state has attracted numerous significant solar projects, largely due to its history as a coal mining area. Alongside Arevon, Doral Renewables is developing the 1.3GW Mammoth solar project in Indiana. Justin Johnson, Arevon’s COO, spoke to us last year about the attraction of the Indiana market for solar development as developers see the opportunity to meet the demand left by coal power.
PV Tech publisher Solar Media will host the 12th edition of the Solar & Storage Finance USA event on 21-22 October 2025 in New York. Panellists will discuss the fate of US solar and storage in a post-subsidy world, the evolving economics of standalone BESS and de-risking solar and storage supply chains.
Attendees are encouraged to respond to an anonymous survey on the US solar and storage sector, that will shape discussions at the summit. Tickets for the event are available on the official website.
