Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, has secured a $250 million tax equity commitment from Wells Fargo Bank, N.A. to support its two-phase, 430 MWdc Kelso Solar Project in Scott County, Missouri. With this transaction, Arevon’s total solar and storage project financings have reached $4.5 billion over the past two years.
The $500 million Kelso Solar Project is Arevon’s first utility-scale renewable development in Missouri and is currently under construction. The project is creating jobs for more than 450 workers while generating economic activity for local businesses including hotels, restaurants, and retail stores. Over its lifetime, Kelso is expected to contribute more than $34 million to local governments, funding schools, infrastructure, and first responders.
Arevon will own and operate Kelso for the long term. The first phase is scheduled to begin commercial operations by the end of 2025, with the second phase expected online in early 2026. Once completed, Kelso will increase Missouri’s installed solar capacity by nearly 50 percent. “This substantial tax equity raise — among the largest in Arevon’s history — demonstrates Arevon’s strong financial stewardship and our successful track record in executing transactions that fuel the company’s continued growth,” said Denise Tait, Chief Investment Officer at Arevon. “We are grateful to Wells Fargo as well as our other financial partners for their trust and unwavering support of Arevon’s aim to power an American energy future and deliver lasting community benefits in its project areas.”
“We are pleased to support Arevon with tax equity financing for the Kelso Solar Project and are proud to continue our long-standing relationship as they expand their renewable energy activity into Missouri,” said Andrew Kho, Managing Director with Wells Fargo Renewable Energy & Environmental Finance.
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