Arevon Energy, Inc. has closed financing on a $352 million package for the Posey Solar Project in Posey County, Indiana, aiming to generate 228 MW of clean electricity by Q1 2025. Once constructed, Southern Indiana Gas and Electric Company will acquire the project through a build-transfer agreement. Bechtel is the project’s EPC contractor. The financial close involved a $317 million construction loan and a $35 million letter of credit facility. Canadian Imperial Bank of Commerce (CIBC) and Commonwealth Bank of Australia led the financing syndicate. Arevon also achieved financial close for three other projects, totaling over $2.3 billion, including the Vikings Solar-plus-Storage, Condor Energy Storage, and Eland 2 Solar-plus-Storage projects. Legal representation was provided by Amis, Patel & Brewer, LLP; Milbank LLP; Husch Blackwell; and Ice Miller.
Arevon Energy bags $352M financing for Posey Solar
Arevon Energy secures $352M funding for Posey Solar Project, poised to power 25,000+ homes annually. (Image Credit: Arevon Energy).
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