The successful completion of a $600 million credit facility, with the possibility of an increase to $850 million, was announced by Arevon Energy, Inc., a prominent American energy developer, owner, and operator, to support its growing portfolio of high-quality, varied renewable energy projects across the US.
Included in the facility are a $250 million project letter of credit facility and a $350 million revolving loan and letter of credit area. In order to meet working capital requirements, such as acquisitions, project development, and performance support commitments throughout its portfolio of solar and battery storage projects, it will give Arevon flexible funding. Arevon’s environmental, social, and governance objectives are in line with its provisions for sustainability-linked metrics and green loan reporting.
Wells Fargo Bank, National Association, which served as the Administrative Agent, spearheaded the funding. Co-Green Loan Structuring Agents and letter of credit providing banks were Wells Fargo Securities, LLC, Canadian Imperial Bank of Commerce, New York Branch, and Credit Agricole Corporate and Investment Bank. Joint Lead Arrangers were 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, Wells Fargo Bank, National Association, Canadian Imperial Bank of Commerce – New York Branch, and Societe Generale. As participating lenders, TD, Truist, RBC, and MUFG were involved. Arevon’s facility counsel was Latham & Watkins. The lender’s attorney was Morgan Lewis.
“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,” stated 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.”
