Arevon Energy, Inc., a major American renewable energy developer, owner, and operator, has secured a total debt financing package of $183 million for its Big Muddy Solar Project. The project is a 124-megawatt (MWdc) solar facility located in Jackson County, Illinois. The financing package includes a tax equity bridge loan, a construction-to-term loan, and a letter of credit, which will support the continued construction and development of the solar project.
This financing represents another significant milestone for Arevon Energy, Inc.. Over the past two years, the company has secured approximately $5.1 billion in project financing for renewable energy developments across the United States. The funding will help advance the construction of the Big Muddy Solar Project, which began building activities in 2025.
The Big Muddy Solar Project will be Arevon’s first utility-scale renewable energy facility in Illinois. In addition to producing clean electricity, the project is expected to create economic benefits for the surrounding communities. At the peak of construction, the project is expected to employ around 250 workers. T
he presence of construction teams will also increase economic activity in nearby areas, bringing additional spending to local hotels, restaurants, stores, and service providers. Over the lifetime of the project, the solar facility is expected to generate more than $12.6 million in property tax payments for Jackson County, Illinois. These funds will support essential local services and infrastructure, including schools, road improvements, and public facilities.
Once the solar facility becomes fully operational, it will generate enough domestically produced electricity to supply power to more than 24,000 homes in Illinois. Along with producing renewable energy, the project will also include environmental features designed to support local ecosystems. The land beneath and around the solar panels will be managed as a habitat for pollinators such as bees and butterflies. These pollinator-friendly practices help protect soil health while supporting important insect populations that contribute to agricultural productivity.
As the developer, long-term owner, and operator of the project, Arevon Energy, Inc. has emphasized its commitment to community engagement. The company plans to support various local organizations throughout the project’s development and operational phases. This includes partnerships with local fire departments, school districts, emergency services, and other community organizations.
The company has stated that it intends to remain an active participant in the community throughout the multi-decade lifespan of the project. Several financial institutions and legal advisors were involved in structuring and supporting the financing package. Intesa Sanpaolo and Crédit Agricole served as lenders, coordinating lead arrangers, joint bookrunners, and green loan coordinators for the transaction.
In addition, Crédit Agricole also acted as the administrative agent for the financing. BNY served as the collateral agent. Legal advisory support for the transaction was provided by several firms. Latham & Watkins served as sponsor counsel, while Milbank LLP acted as lender counsel. Husch Blackwell provided sponsor local counsel services, and Bryan Cave Leighton Paisner served as lender local counsel.
Denise Tait, Chief Investment Officer at Arevon Energy, Inc., stated that each successful financing helps strengthen the company’s role as a leader in developing and operating large-scale renewable energy projects. She explained that such projects create jobs, generate tax revenue for local communities, and produce affordable, domestically generated electricity. She also emphasized the company’s commitment to working closely with financial partners while delivering long-term benefits for both investors and local communities.
Daniel Feigin, Head of the Energy and Infrastructure Group for North America at Crédit Agricole CIB, said the project highlights Arevon’s leadership in the solar energy sector and reflects its experience in expanding renewable energy infrastructure across the United States. He added that the bank is proud to continue strengthening its partnership with Arevon through this financing agreement.
Similarly, Nicola Doninelli from Intesa Sanpaolo explained that the transaction reflects the bank’s ongoing commitment to supporting low-carbon and sustainable energy projects. He noted that financing renewable energy infrastructure is an important step toward meeting growing electricity demand while supporting the transition to cleaner energy systems.
The Big Muddy Solar Project is part of Arevon Energy, Inc.’s broader expansion strategy in the Midwest region of the United States. In recent months, the company has also launched operations at the Ratts 1 and Heirloom Solar Projects in Indiana. These two solar developments represent a combined investment of $400 million and provide 264 MWdc of new solar capacity. In addition, the company recently completed construction of the Kelso Solar Project in Missouri. That project represents a $500 million investment and has a capacity of 430 MWdc, making it one of the largest solar developments in the region.
Arevon has also played an important role in developing renewable energy projects for local utilities. These include the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana. Through these initiatives, the company has helped expand solar energy infrastructure while working with local communities to ensure that projects are successfully integrated into the surrounding areas. As construction continues on the Big Muddy Solar Project, Arevon Energy, Inc. remains focused on expanding its renewable energy portfolio and supporting the transition to cleaner electricity sources across the Midwest. The project represents another step toward increasing the availability of reliable, domestically produced renewable energy in the United States.
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