Arevon Energy, Inc., an American energy developer, owner and operator, announced the successful closing of a $600 million credit facility, with the option to increase up to $850 million, to support its expanding portfolio of diverse, high-quality renewable energy projects across the United States.
The facility includes a $350 million revolving loan and letter of credit facility and a $250 million project letter of credit facility. It will provide Arevon with flexible capital to support working capital needs including acquisitions, project development, and performance support obligations across its portfolio of solar and battery storage projects. It also includes provisions for green loan reporting and sustainability-linked metrics, aligning with Arevon's environmental, social, and governance goals.
The financing was led by Wells Fargo Bank, National Association, that acted as Administrative Agent. Wells Fargo Securities, LLC, Canadian Imperial Bank of Commerce, New York Branch, and Credit Agricole Corporate and Investment Bank acted as Co-Green Loan Structuring Agents and letter of credit issuing banks. Wells Fargo Bank, National Association, Canadian Imperial Bank of Commerce – New York Branch, Credit Agricole Corporate and Investment Bank, JPMorgan Chase Bank, N.A., Bank of America N.A., Barclays plc, BNP Paribas Securities Corp., Commonwealth Bank of Australia, Natixis, National Bank of Canada, and Societe Generale served as Joint Lead Arrangers. MUFG, RBC, TD, and Truist served as participant lenders. Latham & Watkins was Arevon's counsel for the facility. Morgan Lewis served as lender's counsel.
"This credit facility is a testament to the strength of Arevon's portfolio and the trust our financial partners place in our mission to increase domestic energy throughout the United States," said Bob Krakauer, Chief Financial Officer at Arevon. "With this financing, we are well-positioned to continue developing and delivering reliable, cost-effective solar and energy storage solutions that are essential in powering an American energy future."
