Financing secured for Posey County solar farm
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Arizona-based Arevon Energy Inc. this week announced it has secured $352 million in financing for the development of a solar farm in Posey County.
Set for completion in the first quarter of 2025, the Posey County Solar Project is expected to generate enough energy to power more than 25,000 homes.
Plans for the solar farm were first announced in September. The 228-megawatt project is being developed in collaboration with Virginia-based Bechtel, and CenterPoint Energy in Evansville will acquire the farm after it’s completion through a build-transfer agreement.
The clean energy generated will serve 150,000 electric customers in southwest Indiana, the partners said previously.
“Posey Solar is an important example of how Arevon works with utility partners to meet their sustainability goals and progresses new solar projects that will improve the energy security of communities across America while helping strengthen local economies,” Arevon CEO Kevin Smith said in a news release. “Reaching financial close on this transaction would not have been possible without the collaboration from our long-standing financial partners, with whom we celebrate this accomplishment.”
In addition to the Posey County project, Arevon said it has closed on financing for three other projects in recent months, totaling more than $2.3 billion. Those projects are all located in California.