Arevon Energy Secures USD 509 Mn Financing for 430 MW Kelso 1 & 2 Solar Projects in Missouri

Arevon developed and will build and operate the two-phase Kelso Solar facilities, which are the company’s first utility-scale renewable energy projects in Missouri. Kelso Solar will generate a host of economic benefits in Scott County and surrounding parts, including the creation of an estimated 450 jobs during peak construction to build the project.

This surge in activity will positively contribute to the local economy with increased spending at area stores, hotels, and restaurants. When operational, Kelso Solar will disburse more than USD 34 million to local governments over its multi-decade lifespan, which will support schools, infrastructure, and vital services.

“Kelso Solar’s financing is a testament to the close collaboration among all of our financing counterparties, for whom I am grateful for their confidence and trust in Arevon to deliver on our first-class projects,” said Denise Tait, Chief Investment Officer at Arevon. “Arevon’s expanding presence as a top American independent power producer would not be possible without the support of our financial and commercial partners, and I am excited to continue to work together to build a better future through homegrown, responsible energy.”

“CIBC is proud to act as Left Lead Arranger, Coordinating Lead Arranger, Bookrunner, Green Loan Coordinator, and Administrative Agent for the financing of the Kelso Solar Projects,” said Ines Serrao, Managing Director and Head of US Renewables at CIBC. “Supporting leading renewable platforms, such as Arevon, underscores CIBC’s ongoing commitment to the U.S. renewable energy sector, as we work toward enabling a more sustainable economy.”

Arevon is expanding its presence in the Midwestern region of the United States. In addition to the Kelso 1 & 2 Solar Projects, the company is currently constructing four solar projects totaling 744 megawatts in Indiana with capital costs of more than USD 1.1 billion and has a robust development portfolio of assets in this key market.

“Utility-scale solar projects are essential contributors in strengthening the American economy through the creation of competitive-wage jobs, local tax revenue, and other steady, reliable benefits that enhance communities,” said Kevin Smith, Chief Executive Officer at Arevon. “Kelso Solar will add resilience and security to America’s energy infrastructure, and Arevon looks forward to advancing our development activities in America’s Heartland.