Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project

PNE sells 240 MW solar project in South Africa

April 17, 2024


From: Mercom Capital Group

Arevon Energy, a solar and storage project developer, has secured $352 million in financing for the construction and development of 228 MW of the Posey Solar Project in Posey County, Indiana. The project is expected to be operational in Q1 2025 and will generate enough clean electricity to power the equivalent of more than 25,000 homes annually.

Citicore Renewable Energy Corporation, a renewable energy developer, secured PhP9 (~$0.159) billion in financing for multiple solar projects with a total installed generating capacity of at least 600 MWdc and expandable up to nearly 1 GW. The financing deal, arranged by RCBC Capital Corporation, is expected to raise up to PhP20 billion ($354 million), starting with the signing of an initial tranche of PhP9 billion (~$159 million). The structure covers various project portfolios instead of the typical per-project financing structure.

PNE, a Germany-based renewable energy project developer, sold a 240 MW under-construction solar power project to the South African energy company NOA Group. The Khauta Project will be constructed in the Free State province in central South Africa. The project is expected to reach the fully developed phase by mid-2024. The project is in a region with strong mining and agricultural sectors. PNE will continue to support the project through WKN Windcurrent, which belongs to the PNE Group.

Luxcara, a clean energy infrastructure asset manager, along with Munich-based bank Bayerische Landesbank, has secured financial close for solar PV portfolio projects with a total installed capacity of 315.7 MW located in Denmark. The Danish portfolio comprises three large-scale projects, one in the region of Jutland and two in Zealand. The three solar projects – Barmosen (137.3 MW), Faxe (111.6 MW), and Vildbjerg (66.7 MW) – were operationalized in late 2022 and were fully connected to the grid in 2023.

Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.

Read last week’s project finance brief.