Arevon Energy, Inc. announced it has executed three 20-year Indexed Renewable Energy Credit (REC) contracts with Ameren Illinois Company, Commonwealth Edison Company (ComEd), and MidAmerican Energy Company for its Panther Energy Project in Perry County, Illinois. The announcement was made on Oct. 13, 2026, from Perry County, Illinois, and Scottsdale, Arizona, where Arevon is headquartered.

Long-Term Contracts Locked In for Illinois Solar Project

The Panther Energy Project is a 200 megawatt (MWac)/275 megawatt (MWdc) solar facility. Under the agreements, the renewable energy credits will be allocated among the three utilities through separate long-term contracts with each one. The RECs acquired by the utilities will help them meet their obligations under the Illinois Renewable Portfolio Standard.

Procurement Under Illinois's Climate and Equitable Jobs Act

The long-term commercial agreements follow Panther Energy's selection in the Illinois Power Agency's (IPA) Summer 2026 Indexed REC procurement, which was approved by the Illinois Commerce Commission (ICC). Under the IPA's procurement methodology, Panther Energy was selected to deliver 421,131 RECs in the first year.

The Summer 2026 procurement was conducted pursuant to Illinois's Climate and Equitable Jobs Act (CEJA), which became law in 2021 and established the Indexed REC pricing structure for utility-scale renewable energy procurements.

In total, the ICC approved contracts for 1.55 gigawatts of new renewable energy capacity through the Summer 2026 procurement, including four utility-scale solar projects totaling 740 MWac.

According to Arevon, the Indexed REC structure provides long-term revenue certainty that supports the development and financing of new renewable energy projects.

Construction Timeline, Jobs, and Local Economic Impact

The Panther Energy Project is anticipated to begin construction in 2027 and reach completion in 2028, creating an estimated 200 construction jobs. Once operational, the project is expected to generate enough electricity to power more than 37,000 Illinois homes.

The project is also expected to contribute an estimated USD 20 million in property tax payments over its operating life, benefiting area schools, infrastructure, and other public services while driving additional economic activity in the county.

Arevon has established a local office in Pinckneyville, providing landowners, residents, and other community members with direct access to the Panther project team during development and the upcoming construction phase.

Tommy Greer, Chief Commercial Officer at Arevon, said the company is proud to work with Ameren Illinois, ComEd, and MidAmerican through the IPA procurement to move Panther Energy closer to construction and contribute to Illinois's energy goals.

He also expressed appreciation for the collaboration of Perry County residents, landowners, and local officials throughout the project's development, and said Arevon looks forward to delivering reliable, homegrown energy to the grid while creating jobs, generating long-term economic benefits, and investing in the local community.

Arevon's Expanding Midwest Footprint

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 cited by the company include the start of operations at its 430 MWdc Kelso Solar Project in Missouri and the 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.

The company has also nearly completed construction on its 124 MWdc Big Muddy Solar Project in Jackson County, Illinois. In addition, Arevon developed and managed construction of the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana on behalf of local utilities.

Company Overview

Arevon is a U.S. energy company 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 focus on 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 of new capacity, and maintains a development portfolio. The company has also partnered with local utilities to develop and build 480 MW of solar energy.

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