Wells Fargo Commits $120 Million in Tax Equity to Arevon's Big Muddy Solar Project in the US

A USD 120 million tax equity commitment from Wells Fargo Bank, N.A. has been closed by Arevon Energy, Inc. for the company's 124 megawatt (MWdc) Big Muddy Solar Project located in Jackson County, Illinois.

Second Financing Deal Between the Two Companies

The deal, announced Oct. 27, 2026 from Scottsdale, Arizona and Murphysboro, Illinois, represents the second transaction of its kind between the two firms and lifts Arevon's total project financings to more than USD 5.2 billion over the last several years.

The Wells Fargo commitment arrives on top of a USD 183 million total debt package for Big Muddy Solar that Arevon announced in February 2026. Through the arrangement, Arevon is able to monetize the project's tax attributes, including depreciation and investment tax credits, as the facility moves toward commercial operations.

The financing also underpins the completion of Arevon's first utility-scale energy project in Illinois. Andrew Kho, Managing Director with Wells Fargo Renewable Energy & Environmental Finance, said the company was pleased to announce its financing of the Big Muddy Solar Project as part of an expanding relationship with Arevon, adding that Wells Fargo is proud to support the developer's continued growth in the Midwest.

Construction Progress and Community Benefits

Construction of Big Muddy Solar got underway in 2025, with commercial operations slated to begin by year-end. More than 250 workers built the facility, and the project generated increased economic activity for area stores, hotels, restaurants and other local businesses. Once operational, the project is expected to produce enough domestically generated electricity to power more than 24,000 Illinois homes annually.

Over its operating life, Big Muddy Solar is also projected to deliver more than USD 12.6 million in property tax payments supporting schools, roads and other initiatives in the surrounding area.

Denise Tait, Chief Investment Officer and Interim Chief Financial Officer at Arevon, said the latest tax equity commitment with Wells Fargo reflects the strength of the longstanding partnership and Arevon's record of executing complex transactions. She noted that the two companies remain focused on advancing American-made energy projects that create jobs, generate tax revenue for schools and local governments, and deliver long-term value for financial partners and host communities alike.

Advisory Teams Behind the Deal

A group of four firms advised on the transaction. Latham & Watkins served as sponsor counsel, while Husch Blackwell acted as sponsor local counsel. Hunton Andrews Kurth LLP filled the tax equity counsel role, and Bryan Cave Leighton Paisner served as lender and tax equity local counsel.

A Growing Midwestern Portfolio

Beyond Big Muddy Solar, Arevon is expanding its presence across the Midwest through operations, construction and continued development of energy facilities. Recent regional milestones include the start of operations at the company's 430 MWdc Kelso Solar Project in Missouri, as well as its Ratts 1 and Heirloom Solar Projects in Indiana, which together total 264 MWdc of capacity.

The Ratts 1 and Heirloom projects earned the 2025 Proximo North America Solar Deal of the Year award. In Illinois, Arevon has secured three 20-year renewable energy credit contracts for its under-development Panther Energy Project, a 200 MWac/275 MWdc facility. The company has also developed and managed construction of two Indiana projects on behalf of local utilities: the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project.

About Arevon Energy

Arevon Energy is headquartered in Scottsdale, Arizona, with a regional office in New York City. The company develops, finances, builds, owns, and operates renewable energy projects across the country, with particular strength in utility-scale solar and energy storage.

The company currently owns and operates more than 6.3 gigawatts of solar and energy storage projects spanning 18 states and has 370 megawatts of new capacity under construction. Arevon also maintains an active development portfolio and has partnered with local utilities to develop and build 480 MW of solar energy, with each project successfully integrated into its host community.