Arevon Energy has closed financing on a $351 million package to build the 251 megawatt (MWdc) Gibson Solar Project, located in Gibson County, Indiana.
The project, which has initiated construction, will create more than 250 construction jobs and will disburse more than $83 million in local government payments.
Gibson Solar will generate enough clean electricity to annually power the equivalent of more than 30,000 homes.
The financial close included a construction loan with CoBank, Societe Generale, and PNC Bank along with a letter of credit (LC) facility provided by CoBank. CoBank served as Coordinating Lead Arranger, Administrative Agent for the Lenders, Collateral Agent for the Secured Parties, Documentation Agent, and LC Issuing Bank.
PNC Capital Markets and Societe Generale also served as Coordinating Lead Arrangers. BNY served as Depositary Agent. Amis, Patel & Brewer represented Arevon as Sponsor Counsel; Milbank LLP served as Lender Counsel; and Husch Blackwell served as Local Counsel. Signal Energy is the project’s engineering, procurement, and construction (EPC) contractor.
“Gibson Solar represents our sixth completed financial package in the last year, amounting to $3 billion in capital,” Denise Tait, Chief Investment Officer at Arevon said.
Last year, Arevon has achieved a $299 million financing package for its Ratts 1 and Heirloom Solar Projects; a $352 million financial close for the Posey Solar Project; a $529 million financing package for its Vikings Solar-plus-Storage Project; a $350 million preferred equity, debt, and ITC transfer financing for its Condor Energy Storage Project; and a $1.1 billion tax equity commitment and debt financing including a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities for its Eland 2 Solar-plus-Storage Project.
Northern Indiana Public Service Company (NIPSCO), the second largest electric distribution company in Indiana, will own and operate the project following the conclusion of construction.