Arevon Energy & Fifth Third fund 265 MW solar in Indiana

Arevon Energy, an US renewable energy developer, has secured a $98 million tax equity commitment from Fifth Third Bank for its Ratts 1 and Heirloom Solar Projects in Pike County, Indiana. The two projects, totaling 265 MW (DC), are under construction and are expected to be operational later this year. Combined investment is nearly $400 million and is set to disburse over $86 million to local governments during their lifespans. Arevon closed $299 million in financing in September 2024 through a bridge loan and uncommitted tax equity. Ratts 1 has a power purchase agreement with Indiana Municipal Power Agency, and Meta is the offtaker for Heirloom. About 200 workers were employed during construction, which also increased local business activity. Arevon's experience with the Vikings Solar-plus-Storage Project in California, operational since October 2024, supports its expanding portfolio including Ratts 1 and Heirloom.