US independent power producer (IPP) Arevon Energy has signed three 20-year Indexed Renewable Energy Credit (REC) contracts with Ameren Illinois Company, Commonwealth Edison Company (ComEd) and MidAmerican Energy Company for its 200MWac/275MWdc Panther Energy solar PV project in Perry County, Illinois.
The contracts follow Panther Energy’s selection in the Illinois Power Agency’s (IPA) Summer 2026 Indexed REC procurement, which was approved by the Illinois Commerce Commission (ICC). Construction is expected to begin on the project next year, with completion targeted for 2028.
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Under the procurement, the project was selected to deliver 421,131 RECs in its first year, with the credits allocated among the three utilities through separate long-term agreements.
“Arevon is proud to work with Ameren Illinois, ComEd and MidAmerican through the IPA procurement to move Panther Energy closer to construction and contribute to Illinois’s energy goals,” said Tommy Greer, chief commercial officer at Arevon. “We appreciate the collaboration of Perry County residents, landowners and local officials throughout the project’s development.”
The Indexed REC structure provides long-term revenue certainty to support the development and financing of new renewable energy projects. The credits acquired by the utilities will contribute towards their compliance obligations under the Illinois Renewable Portfolio Standard.
The ICC approved contracts covering 1.55GW of new renewable energy capacity through the procurement, including four utility-scale solar projects with a combined capacity of 740MWac.
The project forms part of Arevon’s expanding Midwest portfolio. The company recently began operations at its 430MWdc Kelso Solar Project in Missouri and its Ratts 1 and Heirloom solar projects in Indiana, which have a combined capacity of 264MWdc. Ratts 1 and Heirloom received the 2025 Proximo North America Solar Deal of the Year award.
Arevon has also nearly completed construction of its 124MWdc Big Muddy Solar Project in Jackson County, Illinois. In Indiana, the company developed and managed construction of the 251MWdc Gibson Solar Project and the 228MWdc Posey Solar Project on behalf of local utilities.
Arevon, headquartered in Scottsdale, Arizona, develops, finances, builds, owns and operates utility-scale solar and energy storage projects. The company owns and operates more than 6.3GW of projects across 18 states, with 370MW under construction and a pipeline of projects in development. It has also partnered with local utilities to develop and build 480MW of solar capacity.
