In September 2025, Arevon Energy, Inc. closed a $250 million tax equity commitment from Wells Fargo Bank, N.A. for its two-phase, 430-megawatt (MWdc) Kelso Solar Project in Scott County, Missouri. This financing deal marks Arevon’s fourth transaction of the past two years, bringing the total amount of solar and energy storage project financings closed to $4.5 billion. The Kelso Solar Project has secured its financing through a combination of debt and equity. The total investment for the two-phase is over $500 million. The financing was arranged in two main tranches.
Debt Financing:
In March 2025, Arevon closed a $509 million debt financing package for the project. The lenders included the Canadian Imperial Bank of Commerce (CIBC), Commonwealth Bank of Australia, and the National Bank of Canada. The package was composed of:
$245 million bridge loan
$172 million construction loan
$92 million in credit support
Tax Equity Financing:
In September 2025, Arevon secured an additional $250 million tax equity commitment from Wells Fargo Bank.
Construction start
Construction of the Kelso Solar Project officially began in May 2025. A groundbreaking event was held in May 2025 to mark the start of construction activities.
The project is being built in two phases:
Phase 1 (Kelso 1) is expected to begin commercial operations by the end of 2025.
Phase 2 (Kelso 2) is estimated to start operations in the first quarter of 2026
Kelso Solar Project is Arevon’s first utility-scale renewable energy project in Missouri and is currently under construction. The project has generated more than 450 local jobs and is spurring neighboring businesses, including restaurants, hotels, and retail stores.
When complete, Kelso Solar will increase Missouri’s installed solar capacity by almost 50 percent and return more than $34 million per year to local governments to spend on schools, infrastructure, and first responders. The first phase is scheduled to come on stream commercially by the end of 2025, with the second phase later in early 2026.
In addition to its economic success, Arevon has prioritized Scott County community engagement. The company donated $300,000 to the Kenny Rogers Children’s Center towards the building of a new gymnasium, $145,000 to the Scott County R-IV School District for safety and STEM education initiatives, and donated to the City of Blodgett to drill a secondary water well, which benefits public health and long-term infrastructure resilience.
Legal and financial advisory services
Wells Fargo served as the Tax Equity Investor in the Kelso Solar transaction. Legal and financial advisory services were undertaken by Amis, Patel & Brewer (Sponsor Counsel), Stoel Rives (Sponsor Tax Counsel), Sheppard Mullin (Tax Equity Counsel), Husch Blackwell (Sponsor Local Counsel), and BCLP (Tax Equity Local Counsel).
“This large tax equity raise — one of the biggest in Arevon’s history — confirms our prudent financial stewardship and track record of delivering growth-driving projects,” added Denise Tait, Arevon Chief Investment Officer. “We are grateful for Wells Fargo’s trust and the other partners who join Arevon in its mission to advance American energy while creating long-term community value.”
Andrew Kho, Wells Fargo Managing Director of Renewable Energy & Environmental Finance, noted, “We are pleased to support Arevon’s expansion in Missouri and deepen our long-term relationship as they expand their renewable energy footprint.”
Arevon has also executed two long-term Environmental Attributes Purchase Agreements (EAPA) with Meta and publicly disclosed Kelso’s $509 million financing deal. Aside from Kelso, the company continues to expand its Midwest portfolio, developing two large solar projects in Indiana. And the Big Muddy Solar Project in Illinois now under construction, along with other renewable energy projects throughout the region. Arevon recently successfully commissioned 480 megawatts of solar power, smoothly integrating into local communities. In recent months, Missouri and the nation as a whole have seen a surge in energy projects. On September 3, 2025, Ameren Missouri, a subsidiary of Ameren Corporation, announced plans for the 250-MW Reform Renewable Energy Center, a solar project expected to power 44,000 homes and create about 300 construction jobs.
Arevon’s Kelso Solar Project in Missouri: Factsheet
Project Overview
Developer: Arevon Energy, Inc.
Location: Scott County, Missouri
Total Capacity: 430 MW (DC)
Project Value: $500 million
Construction Status: Under construction
Commercial Operation: Phase 1 (end of 2025), Phase 2 (early 2026)
Financing
Tax Equity Commitment: $250 million from Wells Fargo Bank, N.A.
Significance: Among the largest in Arevon’s history
Total Portfolio Financing: Part of $4.5 billion in solar and storage project financings over past two years
Economic Impact
Local Job Creation: 450+ construction jobs
Tax Revenue: $34+ million to local governments over project lifetime
Solar Capacity Growth: Expected to increase Missouri’s installed solar capacity by nearly 50%
Local Business Support: Boosting hotels, restaurants, and retail establishments
Community Investment
Kenny Rogers Children’s Center: $300,000 donation for new gymnasium
Scott County R-IV School District: $145,000 for safety initiatives and STEM programs
City of Blodgett: Funding for secondary water well installation
Key Partners
Tax Equity Investor: Wells Fargo Bank, N.A.
Power Purchaser: Meta
