Arevon Energy, a renewable-energy developer, owner and operator, has closed a $351 million financing for its 251-megawatt Gibson Solar Project in Indiana.
This is Arevon’s fourth utility-scale project that is under construction and financed in Indiana. Once operational, the project will generate enough clean electricity to annually power the equivalent of more than 30,000 homes.
“Financial close and the start of construction are two major milestones for the Gibson Solar Project that I am pleased to celebrate alongside the Arevon team,” said Denise Tait, CIO at Arevon. “Gibson Solar represents our sixth completed financial package in the last year, amounting to $3 billion in capital.”
The financial close included a construction loan with CoBank, Societe Generale and PNC Bank, along with a letter of credit facility provided by CoBank. PNC Capital Markets and Societe Generale also served as coordinating lead arrangers, and BNY served as depositary agent.