Arevon Energy, a renewable-energy developer, owner and operator, has closed financing on a $352 million package to build the company’s 228-megawatt dc Posey Solar Project in Posey County, Ind.
The financial close included a $317 million construction loan and a $35 million letter-of-credit facility. The financing included the Canadian Imperial Bank of Commerce, the Commonwealth Bank of Australia, Banco Bilbao Vizcaya Argentaria, Bayerische Landesbank, Lloyds Bank, PNC Bank and Bank of New York Mellon.
The Posey Solar Project, which is expected to come online in first quarter 2025, will generate enough clean electricity to power the equivalent of more than 25,000 homes annually.
Southern Indiana Gas and Electric Company will acquire the Posey Solar Project from Arevon through a build-transfer agreement after completion of construction. Bechtel is the project’s engineering, procurement and construction contractor.
“Posey Solar is an important example o