Independent power producer (IPP) Arevon Energy has closed a US$600 million credit facility to support its solar PV and energy storage portfolio in the US.
The credit financing includes a US$350 million revolving loan and letter of credit facility as well as a US$250 million project letter of credit facility, with the possibility to increase the credit facility up to US$850 million.
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It was led by financial firm Wells Fargo Bank and National Association acted as administrative agent, while Wells Fargo Securities, Canadian Imperial Bank of Commerce, New York Branch, and Credit Agricole Corporate and Investment Bank acted as co-green loan structuring agents and letter of credit issuing banks.
Bob Krakauer, Chief Financial Officer at Arevon. “With this financing, we are well-positioned to continue developing and delivering reliable, cost-effective solar and energy storage solutions that are essential in powering an American energy future.”
Headquartered in the US state of Arizona, the IPP currently owns and operates over 4.7GW of solar PV and energy storage projects across 17 states, while it has a development portfolio of 6GW.
The company is also building an additional 1.5GW of new capacity, including a 430MW solar PV project in Missouri, a state with one of the lowest installed PV capacities in the US, with less than 1GW, according to numbers from trade body the Solar Energy Industries Association (SEIA). Construction of the project began less than two months after the IPP secured US$509 million in financing for the Kelso 1 and 2 PV projects.
With this latest credit facility, Arevon continues to secure financing for its portfolio of solar PV and energy storage projects across the US, after recently securing a US$98 million in tax equity financing for a 265MW portfolio of projects currently under construction in Indiana.
