US independent power producer (IPP) Arevon Energy has secured US$509 million in financing for its Kelso 1 and 2 PV projects in Missouri, which have a combined capacity of 430MW.
The projects are the company’s first in Missouri, which it expects to commission by the end of this year and operate for 35 years. The financing consists of a US$245 million bridge loan, a US$172 million construction loan and US$92 million in credit support. The Canadian Imperial Bank of Commerce was the administrative agent for the deal, and lenders include the Commonwealth Bank of Australia and the National Bank of Canada.
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“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,” said Denise Tait, Arevon chief investment officer. “I am excited to continue to work together to build a better future through homegrown, responsible energy.”
With the close of this deal, Arevon has now completed eight project financings in the last 18 months, raising more than US$3.7 billion for its work, including a US$251 million package to support its work in Indiana. The company plans to invest more than US$1.1 billion into four Indiana projects, as it looks to expand its presence in the US Midwest.
While not a historically dominant part of the US solar sector, the Midwest has seen a flurry of activity this year, with new legislation in place to support community solar in Iowa and Missouri and EDF Renewables’ commissioning of a 200MW project in Missouri.
According to figures published today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, Ohio and Mississippi have seen some of the fastest growth in new solar capacity additions, ranking 5th and 14th in the US, respectively, in terms of new capacity added in 2024.
