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Arevon Energy, Inc., a leading U.S. renewable energy developer, has secured a $98 million tax equity commitment from Fifth Third Bank to support its Ratts 1 and Heirloom Solar Projects in Pike County, Indiana. Currently under construction, these two projects will add a total of 265 megawatts of solar energy capacity to the Midcontinent Independent System Operator (MISO) grid. The investment is part of a broader effort by Arevon to expand clean energy infrastructure in the Midwest. Together, the Ratts 1 and Heirloom projects represent nearly $400 million in total investment. Over their operational lifetimes, the projects are expected to contribute more than $86 million to local governments, helping fund schools, public services, and infrastructure. “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,” said Denise Tait, Chief Investment Officer at Arevon. “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.” “Fifth Third Bank was pleased to partner with Arevon on the tax equity financing commitment for the Ratts 1 and Heirloom Solar Projects,” said Jon Stark, Head of Renewables at Fifth Third Bank. “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 U.S. renewables pipeline.” Construction of the solar facilities has supported around 200 full-time equivalent jobs. The local economy has also seen a boost in activity from increased business at restaurants, hotels, and retail stores. Ratts 1 will provide 192 megawatts of solar energy, while Heirloom will add another 73 megawatts. Both projects are expected to be fully operational by the end of 2025. |
