Arevon Secures 20-Year REC Deals With Three Utilities for 200 MW Panther Solar in Illinois

Arevon Energy, Inc. has signed 20-year Indexed Renewable Energy Credit contracts with three utilities, Ameren Illinois Company, Commonwealth Edison Company (ComEd), and MidAmerican Energy Company, covering the renewable energy credits from its Panther Energy Project in Perry County, Illinois.

Utilities Commit to RECs From Perry County Solar Facility

The company announced the agreements on Oct. 13, 2026, citing its Scottsdale, Arizona headquarters and the Perry County project location. Panther Energy is a 200 MWac (275 MWdc) solar facility. Under the three separate contracts, the RECs will be divided among the utilities, which will use them to fulfill their obligations under the Illinois Renewable Portfolio Standard.

Selection Through the Illinois Power Agency's Summer 2026 Procurement

The commercial agreements build on Panther Energy's selection in the Illinois Power Agency's Summer 2026 Indexed REC procurement, which received approval from the Illinois Commerce Commission (ICC). The IPA's methodology designated Panther Energy to deliver 421,131 RECs in its first year of participation.

That procurement was carried out under the Climate and Equitable Jobs Act (CEJA), enacted in 2021, which created the Indexed REC pricing framework used for utility-scale renewable procurements in the state.

Across the Summer 2026 round, the ICC approved contracts totaling 1.55 gigawatts of new renewable capacity, among them four utility-scale solar projects with a combined 740 MWac. Arevon stated that the Indexed REC structure delivers long-term revenue certainty that underpins the development and financing of new renewable projects.

Build Schedule and Community Benefits

Construction at Panther Energy is expected to start in 2027 and finish in 2028, with an estimated 200 construction jobs created during the build. When operational, the facility is projected to produce enough electricity to supply more than 37,000 Illinois homes.

Over its operating life, the project is anticipated to pay an estimated USD20 million in property taxes, with the revenue supporting schools, infrastructure, and other public services in the area while spurring additional economic activity in the county. Arevon has opened a local office in Pinckneyville to give landowners, residents, and community members direct contact with the Panther project team through development and the construction period ahead.

Tommy Greer, Chief Commercial Officer at Arevon, said the company is proud to work alongside Ameren Illinois, ComEd, and MidAmerican through the IPA procurement to advance Panther Energy toward construction and support Illinois's energy goals.

He thanked Perry County residents, landowners, and local officials for their collaboration during 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.

Growing Portfolio Across the Midwest

Arevon continues to expand its Midwest operations, construction, and development activity. Among recent milestones, the company has brought online the 430 MWdc Kelso Solar Project in Missouri, along with the Ratts 1 and Heirloom Solar Projects in Indiana, which together total 264 MWdc.

The Ratts 1 and Heirloom projects received the 2025 Proximo North America Solar Deal of the Year award. In Jackson County, Illinois, Arevon has nearly finished building its 124 MWdc Big Muddy Solar Project. The company also developed and managed construction of the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana for local utilities.

About Arevon

Arevon is a U.S. energy company based in Scottsdale, Arizona, with a regional office in New York City. It develops, finances, builds, owns, and operates renewable energy projects across the country, concentrating on utility-scale solar and energy storage.

The company owns and operates more than 6.3 gigawatts of solar and storage capacity spanning 18 states, is constructing 370 megawatts of new capacity, and holds a development portfolio. Arevon has additionally partnered with local utilities to develop and build 480 MW of solar energy.