Arevon Energy has secured a $120 million tax equity commitment from Wells Fargo Bank for its 124 megawatt Big Muddy Solar project in Jackson County, Illinois, the company said. The financing lets Arevon monetise the project’s tax attributes, including depreciation and investment tax credits, as the plant advances toward operation.
Construction of Big Muddy began in 2025, with more than 250 workers on the build, and commercial operations are scheduled to begin by the end of 2026. The tax equity commitment follows a $183 million debt package for the same project closed in February, which combined a tax equity bridge loan, a construction to term loan and a letter of credit facility. Latham and Watkins acted as sponsor counsel and Hunton Andrews Kurth as tax equity counsel.
It is Arevon’s second tax equity financing with Wells Fargo, and the company said it has completed $5.2 billion of project financings over the past several years. Elsewhere in the Midwest, Arevon recently began operations at the 430 megawatt Kelso Solar project in Missouri and at the Ratts 1 and Heirloom projects in Indiana, with a combined 264 megawatts, and it holds three 20 year renewable energy credit contracts for the 200 megawatt Panther Energy project under development in Illinois.