Husch Blackwell’s renewable energy team assisted Arevon Energy in the closing of a $120 million tax equity commitment from Wells Fargo Bank for the 124 MW Big Muddy Solar Project located in Southwestern Illinois.
Husch Blackwell served as project development and local counsel to Arevon through the development, debt financing, and tax equity financing of the Big Muddy Solar Project, which is Arevon’s first utility-scale energy facility in Illinois.
In February, Arevon secured a $183 million debt package that included a tax equity bridge loan, construction-to-term loan, and a letter of credit. Big Muddy Solar will generate a host of economic benefits in Jackson County, Illinois and surrounding areas including the creation of an estimated 250 jobs during peak construction to build the project. Over its operating life, Big Muddy Solar is expected to deliver more than $12.6 million in property tax payments that will help fund schools, roads, and other area initiatives, while generating enough domestically produced electricity to power more than 24,000 Illinois homes annually.
The Husch Blackwell team was led by senior associate Riley Nickel and included attorneys Kirsten Large, Ben Murphy, Sarah Milocco, Michael Blackwell, Kevin Valenzuela, Leah Kaiser, Lizzy Warner, Mara Pollets, and Page Arbuckle, and paralegals Tina Chamblee, Cassidy Van Houtan, and Brandy Hutchison. Anna Kimbrell served as the supervising partner.
For further information, please refer to the Arevon Energy news release.