Arevon secures $250M financing for Kelso Solar Project in Scott County
KBSI FOX23 News at 9 p.m.
SCOTT COUNTY, Mo., (KBSI) — Arevon Energy Inc. announced it has secured a $250 million tax equity commitment from Wells Fargo Bank for its two-phase Kelso Solar Project in Scott County, Missouri.
The $500 million project, Arevon’s first utility-scale renewable energy facility in Missouri, is under construction and employing about 450 workers. Company officials said the project will generate more than $34 million in revenue for local governments over its lifetime, supporting schools, infrastructure and first responders.
The first phase of the 430-megawatt solar project is expected to begin commercial operations by the end of 2025, with the second phase targeted for the first quarter of 2026. When complete, Kelso will increase Missouri’s installed solar capacity by nearly 50 percent. Arevon will own and operate the facility long-term.
“This substantial tax equity raise — among the largest in Arevon’s history — demonstrates Arevon’s strong financial stewardship and our successful track record in executing transactions that fuel the company’s continued growth,” said Denise Tait, Arevon’s chief investment officer.
Andrew Kho, managing director of Wells Fargo Renewable Energy & Environmental Finance, said the bank is “pleased to support Arevon with tax equity financing for the Kelso Solar Project and proud to continue our long-standing relationship as they expand their renewable energy activity into Missouri.”
The Kelso project is backed by a $509 million financing package, and long-term environmental attributes purchase agreements with Meta. Arevon has also committed $300,000 to the Kenny Rogers Children’s Center for a new gymnasium, $145,000 to the Scott County R-IV School District for safety and STEM initiatives, and funds for a secondary water well in Blodgett.
Arevon, headquartered in Scottsdale, Arizona, operates more than 5.3 gigawatts of solar and energy storage projects across 17 states and has completed $4.5 billion in financings in the past two years.
