Arevon Energy, Inc., a leading American energy developer, owner, and operator, has closed on a USD 120 million tax equity commitment from Wells Fargo Bank, N.A. for its 124 megawatt (MWdc) Big Muddy Solar Project in Jackson County, Illinois. The announcement was made from Scottsdale, Arizona and Murphysboro, Illinois, on Oct. 27, 2026.

Transaction Details

The transaction is the second of its kind between Arevon and Wells Fargo and brings Arevon's total project financings to more than USD 5.2 billion over the last several years. It also supports completion of the company's first utility-scale energy project in Illinois.

The Wells Fargo commitment provides additional financing for Big Muddy Solar following the USD 183 million total debt package that Arevon announced in February 2026.

The transaction enables Arevon to monetize the project's tax attributes, including depreciation and investment tax credits, as the project advances toward commercial operations.

Project Construction and Economic Impact

Construction on Big Muddy Solar began in 2025, and the project is slated to reach commercial operations by year-end. More than 250 workers constructed the facility, and the project contributed to increased local economic activity at stores, hotels, restaurants, and other businesses in the area.

Over its operating life, Big Muddy Solar is expected to deliver more than USD 12.6 million in property tax payments that will help fund schools, roads, and other area initiatives. The project is also expected to generate enough domestically produced electricity to power more than 24,000 Illinois homes annually.

Statements from Executives

"This latest tax equity commitment with Wells Fargo reflects the strength of our longstanding partnership and Arevon's track record of executing complex transactions," said Denise Tait, Chief Investment Officer and Interim Chief Financial Officer at Arevon.

"Together, we remain focused on advancing American-made energy projects that create jobs, generate tax revenue for schools and local governments, and deliver long-term value for both our financial partners and host communities."

"As part of our expanding relationship with Arevon, we are pleased to announce our financing of the Big Muddy Solar Project," said Andrew Kho, managing director with Wells Fargo Renewable Energy & Environmental Finance. "We are proud to support Arevon's continued growth in the Midwest."

Advisors to the Transaction

Advisors contributing to the transaction included Latham & Watkins as sponsor counsel; Husch Blackwell as sponsor local counsel; Hunton Andrews Kurth LLP as tax equity counsel; and Bryan Cave Leighton Paisner as lender and tax equity local counsel.

Arevon's Midwest Expansion

Arevon is actively growing its portfolio in the Midwest region of the United States through the operations, construction, and continued development of energy facilities.

Recent milestones in the region include the start of operations at its 430 MWdc Kelso Solar Project in Missouri and its Ratts 1 and Heirloom Solar Projects in Indiana, which have a cumulative capacity of 264 MWdc. The Ratts 1 and Heirloom projects were awarded the 2025 Proximo North America Solar Deal of the Year.

Arevon has also secured three 20-year renewable energy credit contracts for its under-development 200 MWac/275 MWdc Panther Energy Project in Illinois. In addition, the company developed and managed the construction of the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana on behalf of local utilities.

Company Background

Arevon is headquartered in Scottsdale, Arizona, with a regional office in New York City. The company develops, finances, builds, owns, and operates renewable energy projects nationwide, with a strong track record in utility-scale solar and energy storage.

Arevon owns and operates more than 6.3 gigawatts of solar and energy storage projects across 18 states, is currently constructing 370 megawatts (MW) of new capacity, and maintains a robust development portfolio.

The company has also partnered with local utilities to develop and build 480 MW of solar energy, ensuring each project was successfully integrated into their communities.

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