Latest news with #Arevon
Yahoo
30-05-2025
- Business
- Yahoo
Arevon secures $98m tax equity commitment for Indiana solar projects
American energy developer, owner and operator Arevon Energy has secured a $98m tax equity commitment from Fifth Third Bank to support the development of its Ratts 1 and Heirloom solar projects in Pike County, Indiana, US. These projects, currently under construction, will collectively add 265MW of new energy for Indiana and are part of Arevon's expansion in the Midwest/Midcontinent Independent System Operator (MISO) territories. The 192MWdc Ratts 1 Solar has secured a long-term power purchase agreement with the Indiana Municipal Power Agency, while Meta will be the offtaker for 73MWdc Heirloom Solar. Both projects are expected to commence operations in the second half of 2025. The partnership with Fifth Third Bank leverages the Inflation Reduction Act's tax credit transfer provision, offering Arevon enhanced capital structure flexibility. Fifth Third Bank Head of Renewables Jon Stark stated: 'Supporting premier platforms like Arevon squarely fits our future growth, and we look forward to continuing to grow our relationship with Arevon as they continue to execute on their high-quality US renewables pipeline.' The Ratts 1 and Heirloom Solar projects represent a nearly $400m investment and are projected to contribute more than $86m to local governments, benefiting public services and infrastructure. The construction has created 200 full-time jobs and boosted local businesses. Arevon chief investment officer Denise Tait stated: 'The complex and highly successful structure of this transaction marks another notable financial accomplishment for Arevon. This is a great example of what happens when all the right pieces come together. 'We were proud to work with Fifth Third Bank and our other financing partners on all we have achieved across our projects' financing packages. The Arevon team's deep expertise and experience will enable us to continue to innovate on future financial transactions.' Advisory and legal firms Paragon Energy Capital, Latham & Watkins, and Norton Rose Fulbright played key roles in closing the latest tax equity commitment. In September 2024, Arevon announced a separate $299m financial close for these projects, marking its first uncommitted tax equity and tax credit transfer bridge loan transaction. Arevon continues to grow its portfolio in the US Midwest. Notable developments include the commencement of the Posey and Gibson solar projects in Indiana and the advancement of the 430MW Kelso Solar Project in Missouri. Arevon has secured more than $3.8bn in cumulative project financing for new solar and energy storage developments throughout the US. "Arevon secures $98m tax equity commitment for Indiana solar projects" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
SOLV Energy Announces More than 6 GWs of New Project Awards Across the U.S.
SAN DIEGO, May 19, 2025 /PRNewswire/ -- At the CLEANPOWER 2025 conference in Phoenix this week, SOLV Energy announced several awards from leading developers to construct more than 6 gigawatts (GW) of utility-scale solar and storage projects. The projects are in multiple states, including Arizona, Mississippi, Nevada, Oregon, Texas and California and include assets owned by longstanding customers such as Arevon, Clēnera and Sol Systems, as well as new customers such as NewSun Energy, Enfinity Global and Panamint Capital. Construction mobilizations for the new projects are scheduled to begin in 2025 and beyond. To support the growing demand for power across the United States, SOLV Energy is making significant investments in hiring and training regional project teams, including recruiting local project managers with insights into regional conditions, permitting processes and regulatory requirements. SOLV Energy is also expanding the scope of its self-perform capabilities to accelerate construction timelines, increase quality and reduce costs for the company's customers. In January, the company announced the acquisition of SDI Services, LLC (fka Sacramento Drilling), a provider of foundation solutions for solar energy and T&D projects. The acquisition brings solar predrill and pile foundation capabilities in-house, enabling SOLV Energy to support complex projects in diverse terrain and environmental conditions. "Demand for energy is continuing to grow rapidly and we are committed to investing in the capabilities our customers need for larger and increasingly complex power projects," said George Hershman, CEO of SOLV Energy. "The significant number of projects that we have been awarded so far this year shows that customers recognize the investments we have made to expand our capabilities, and our value as a true lifecycle provider." About SOLV EnergySOLV Energy is a leading provider of infrastructure services to the power industry, delivering integrated solutions across the full project lifecycle, from design through long-term operation. Since 2008, we have built more than 500 utility-scale solar and storage plants and related T&D infrastructure, totaling 20 GW of generating capacity. SOLV Energy also provides operations and maintenance (O&M) services to 143 operating power plants, representing over 17 GW of generating capacity across more than 30 states. We remain long-term partners by offering value-added services including SCADA solutions, large-scale repair, emergency response and repowering services to maximize project performance and energy availability. To learn more, visit View original content to download multimedia: SOURCE SOLV Energy Sign in to access your portfolio
Associated Press
19-05-2025
- Business
- Associated Press
SOLV Energy Announces More than 6 GWs of New Project Awards Across the U.S.
SAN DIEGO, May 19, 2025 /PRNewswire/ -- At the CLEANPOWER 2025 conference in Phoenix this week, SOLV Energy announced several awards from leading developers to construct more than 6 gigawatts (GW) of utility-scale solar and storage projects. The projects are in multiple states, including Arizona, Mississippi, Nevada, Oregon, Texas and California and include assets owned by longstanding customers such as Arevon, Clēnera and Sol Systems, as well as new customers such as NewSun Energy, Enfinity Global and Panamint Capital. Construction mobilizations for the new projects are scheduled to begin in 2025 and beyond. To support the growing demand for power across the United States, SOLV Energy is making significant investments in hiring and training regional project teams, including recruiting local project managers with insights into regional conditions, permitting processes and regulatory requirements. SOLV Energy is also expanding the scope of its self-perform capabilities to accelerate construction timelines, increase quality and reduce costs for the company's customers. In January, the company announced the acquisition of SDI Services, LLC (fka Sacramento Drilling), a provider of foundation solutions for solar energy and T&D projects. The acquisition brings solar predrill and pile foundation capabilities in-house, enabling SOLV Energy to support complex projects in diverse terrain and environmental conditions. 'Demand for energy is continuing to grow rapidly and we are committed to investing in the capabilities our customers need for larger and increasingly complex power projects,' said George Hershman, CEO of SOLV Energy. 'The significant number of projects that we have been awarded so far this year shows that customers recognize the investments we have made to expand our capabilities, and our value as a true lifecycle provider.' About SOLV Energy SOLV Energy is a leading provider of infrastructure services to the power industry, delivering integrated solutions across the full project lifecycle, from design through long-term operation. Since 2008, we have built more than 500 utility-scale solar and storage plants and related T&D infrastructure, totaling 20 GW of generating capacity. SOLV Energy also provides operations and maintenance (O&M) services to 143 operating power plants, representing over 17 GW of generating capacity across more than 30 states. We remain long-term partners by offering value-added services including SCADA solutions, large-scale repair, emergency response and repowering services to maximize project performance and energy availability. To learn more, visit View original content to download multimedia: SOURCE SOLV Energy
