Two Indiana solar projects gain $299M debt financing boost

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.