Arevon Energy, Inc., a US-based renewable energy developer, recently secured $299 million in debt financing for its Ratts–1 and Heirloom Solar projects in Pike County, Indiana. These projects will deliver 264 MW of clean energy. According to Arevon, this financing uniquely leverages the IRA tax credit transfer provisions rather than traditional loan structures which allows Arevon to access tax credit benefits earlier in the project lifecycle. The financing includes a $119 million construction-to-term loan, $159 million in tax equity, and a $21 million credit facility. Major banks like Crédit Agricole, Commerzbank, Bank of America, and Lloyds Bank coordinated the financing. Construction is expected to be completed by Q3 2025. The Ratts–1 project is supported by a long-term PPA with Indiana Municipal Power Agency, while Meta will purchase power from Heirloom Solar.
Two Indiana solar projects gain $299M debt financing boost
Arevon’s Ratts 1 and Heirloom Solar projects will contribute 264 megawatts of renewable energy capacity to Indiana’s power grid. (Image Credit: Arevon Energy)
The dual-use project integrates agriculture under solar panels and floating aquaculture with energy storage. (Image Source: PRNewswire)
The Horsham project combines solar and battery storage, supporting grid stability and peak demand management. (Image Credit/Source: Atimedia/Pixabay)
The 20 MW solar project actively supports Eramet’s SBTi roadmap and climate goals. (Image Source: SolarPanal/Pixabay)
Sherco Solar is the Upper Midwest’s largest solar project, set to power 150,000 homes when fully operational. (Image Source: Xcel Energy)