Arevon Energy, a U.S. energy developer, owner, and operator, has secured a $120 million tax equity commitment from Wells Fargo Bank for its 124 MW Big Muddy Solar project in Jackson County, Illinois.

Construction of Big Muddy Solar began in 2025, and the project is scheduled to begin commercial operations by the end of 2026. More than 250 workers were involved in constructing the facility.

Arevon said the transaction is its second tax equity financing with Wells Fargo. The company has completed $5.2 billion in project financings over the past several years. The financing will allow Arevon to monetize the project’s tax attributes, including depreciation and investment tax credits, as the project advances toward commercial operations.

The transaction follows a $183 million debt package secured for Big Muddy Solar in February of this year, which included a tax equity bridge loan, construction-to-term loan, and a letter of credit.

Latham & Watkins served as sponsor counsel for the transaction, while Husch Blackwell served as sponsor local counsel. Hunton Andrews Kurth served as tax equity counsel, and Bryan Cave Leighton Paisner acted as lender and tax equity local counsel.

Arevon is also developing, constructing, and operating other energy projects in the U.S. Midwest. The company recently began operations at the 430 MW Kelso Solar project in Missouri and the Ratts 1 and Heirloom solar projects in Indiana, which have a combined capacity of 264 MW. Arevon has also secured three 20-year renewable energy credit contracts for the 200 MW/275 MW Panther Energy project under development in Illinois.

In Indiana, Arevon developed and managed the construction of the 251 MWd Gibson Solar project and the 228 MW Posey Solar project on behalf of local utilities.

In 2026, the company closed a $920 million financing package for its 300 MW/1,200 MWh Nighthawk energy storage project in Poway, California. The project is supported by a long-term agreement to deliver resource adequacy capacity to Pacific Gas and Electric Company.

Announced large-scale solar project funding increased by 75% in the first nine months of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 9M and Q3 2026 Solar Funding and M&A report.