Strategic refinancing supports nationwide renewable energy portfolio
NEW YORK and SCOTTSDALE, Ariz. – Arevon Energy, Inc. completed a $386 million refinancing of debt related to a portfolio of operating solar projects in five states.
The debt facility includes a term loan and letter of credit facilities for 15 operating solar projects in Arizona, California, Florida, Tennessee, and Virginia. The project portfolio has an annual clean electricity capacity of 281 megawatts (MW), enough to power more than 49,000 homes.
“The ability to complete this refinancing with our banking partners is a testament to Arevon’s strategic vision and innovative prowess as a renewable energy leader within the financial community,” said Daniel Murphy, Arevon’s Director of Project Finance. “We are proud to work with leading financial institutions to continue to optimize our portfolio and help drive the clean energy transition.”
Wells Fargo, Bank of America, J.P. Morgan, and National Bank of Canada were the Coordinating Lead Arrangers, with Wells Fargo acting as Administrative Agent. Additional banks participating in the facility include Allied Irish Bank and Commerzbank, who served as Joint Lead Arrangers for the refinancing.
Amis, Patel & Brewer, LLP represented Arevon as legal counsel; Milbank LLP served as lender counsel.