KELSO, Mo. (WSIL) -- Funding for a new $509 million solar project in Scott County is complete.
Arevon Energy Inc. announced it has completed the $509 million its needed for the two solar projects in Kelso. This project will be for a 430 megawatt Kelso 1 & 2 solar projects in the Scott County area, making this Arevon's eighth project financing in the past year-and-a-half.
Arevon reported the two-phase Kelso Solar facilities will create an estimated 450 jobs during the peak of the construction of these facilities, helping with increased spending at hotels, restaurants and stores and is estimated to disburse $34 million to local governments, which will help support schools, infrastructure and services, during their lifespan.
“Utility-scale solar projects are essential contributors in strengthening the American economy through the creation of competitive-wage jobs, local tax revenue, and other steady, reliable benefits that enhance communities,� said Kevin Smith, Chief Executive Officer at Arevon. “Kelso Solar will add resilience and security to America’s energy infrastructure, and Arevon looks forward to advancing our development activities in America’s Heartland.�
“Kelso Solar’s financing is a testament to the close collaboration among all of our financing counterparties, for whom I am grateful for their confidence and trust in Arevon to deliver on our first-class projects,� said Denise Tait, Chief Investment Officer at Arevon. “Arevon’s expanding presence as a top American independent power producer would not be possible without the support of our financial and commercial partners, and I am excited to continue to work together to build a better future through homegrown, responsible energy.�
The entire $509 million in funding is from a $245 million bridge loan, a $172 million construction loan and a $92 million of credit support. This was supported by the Canadian Imperial Bank of Commerce, Commerzbank, Commonwealth Bank of Australia, Lloyds Bank, and National Bank of Canada, along with other agencies.
“CIBC is proud to act as Left Lead Arranger, Coordinating Lead Arranger, Bookrunner, Green Loan Coordinator, and Administrative Agent for the financing of the Kelso Solar Projects,� said Ines Serrao, Managing Director and Head of U.S. Renewables at CIBC. “Supporting leading renewable platforms, such as Arevon, underscores CIBC’s ongoing commitment to the U.S. renewable energy sector, as we work toward enabling a more sustainable economy.�
This is Arevon's first utility-scale renewable energy project in Missouri.
