Arevon Energy has closed financing on a $351 million package to build the 251 MW Gibson Solar Project, located in Gibson County, Ind.
The project has initiated construction.
Financial close included a construction loan with CoBank, Societe Generale and PNC Bank, along with a letter of credit facility provided by CoBank. CoBank served as coordinating lead arranger, administrative agent for the lenders, collateral agent for the secured parties, documentation agent and LC issuing bank.
PNC Capital Markets and Societe Generale also served as coordinating lead arrangers. BNY served as depositary agent. Amis, Patel & Brewer represented Arevon as sponsor counsel; Milbank served as lender counsel and Husch Blackwell served as local counsel. Signal Energy is the project’s EPC contractor.
“Financial close and the start of construction are two major milestones for the Gibson Solar Project that I am pleased to celebrate alongside the Arevon team,” says Denise Tait, chief investment officer at Arevon.
“Gibson Solar represents our sixth completed financial package in the last year, amounting to $3 billion in capital. These closings would not be possible without our partners, and we are grateful for their continued trust and collaboration in executing deals that enable a clean energy future.”
Northern Indiana Public Service Company (NIPSCO) and Arevon executed a commercial contract. Under the terms of the agreement, NIPSCO will own and operate the project following the conclusion of construction.
